Ah okay. It's the use of the terminology that can that be misleading. Your cost basis didn't reduce to zero. You "depreciated" the property to zero, meaning that your cost basis for the sale is the value of the land only, since you can't depreciate land. Your cost basis on the structure is zero, but your cost basis on "the property" is the value of the land. So what is that?
@TaxGuyBill now that there's more clarity here.........HHEEEEELLLLPPPPP!!!!!!
