I have a question about how to properly figure out capital gains and cost basis. I purchased the property in 2013 for $30,000 a house on 5 city lots and then 12 separate lots behind the house (17 lots total one has the house). Last year I sold 3 of the 12 unimproved lots for $58,000. I read were I have to take the value of the 3 lots as 3/17 or about 18% of the entire package purchase price. This property is in WV and is not my residence. Based on our taxable income, the capital gains rate is 15%. The 2024 assessed value of the house with 5 lots is $35,280 and the 12 lots is $6,780. I don't know if that matters. Thank you for any help.
