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Deductions & credits
Thanks, Michael. I entered the info exactly as you suggested. The lot was purchased in 1963 for $1,000 and has never been improved. Since the part the city took from us was approximately 40% of the lot I used $400 as the cost basis. That gave us a taxable gain of $5,600 to include on our return. Thanks again. You were the most helpful of all the replies we received.
‎June 3, 2019
10:12 AM