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How to record the partial sale of a rental property (Sub-divided & kept some of the adjacent land but sold the building)
In the same year, I subdivided 36 acres that had a rental building on it, and sold only the building with 6 of the acres, and kept the remaining 30 acres. I had originally entered this real estate as one asset (36 acres plus the building). How and where do I enter this partial sale of my real estate please?
October 12, 2019
11:59 PM
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Investors & landlords
You will probably want to secure some professional assistance with this transaction since you have to allocate the sale price and re-calculate your basis to exclude the land retained. In the process, I would recommend securing some sort of appraisal for the remaining 30 acres of land.
October 13, 2019
8:53 AM