Thank you for this explanation.
I need to ask for a clarification about allocating the sales price to each asset.
I understand that the 2024 sales price needs to be apportioned to the two assets: the original purchase and the buyout/gift. For example, if the original purchase asset was 75K and the buyout was 150K, then a sale price of 300K would be allocated as 100K and 200K respectively. Is that correct?
Then, in your example you show how to allocate the sales price and expenses by land, house, improvements. But the TT Sales Information screen asks only for asset (meaning the house) sales price, asset sales expenses, land sales price and land sales expenses. Do I lump improvements and costs of sales together as expenses?
Appreciate the help!
