Asset sale price is found on
Line 406 (Contract sales price) of your HUD.
Land portion of the sale
It is a pro-ration. One
possible way is to contact the realtor to see if they can get the information
for you. Another is to look at the property/land pro-ration you entered when
you began depreciating unless the land prices have gone up or down considerably.
Third possibility, which is not always accurate, is to look at your property
tax bill.
Sales expenses include:
- commissions
- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points)
or other fees paid on the buyer's behalf
You must allocate the sales
expenses between the land and the house. If the house value is $200k and the
land is $100k then two thirds of the expense goes to the house and one third to
the land.
