Thanks so much! I have a follow up question: using your info I would then reduce the original Cost Basis of the remaining 2/3 (with the house) like so: $65,667 minus $9,850 equals $55,817. This would be my new Cost Basis.
And for the sale of the 1/3 parcel, my Cost Basis would be $9,850 (even though I sold it for $5,000) which shows a loss. Is this correct?
