I purchased a house, rehabbed the house, split the land into two parcels (one empty lot and one lot with existing house).
I then sold the house.
I did this all within 2019.
I have yet to sell the land, but intend to do so.
How do I calculate my tax/cost basis for the existing house sale?
How do I calculate my tax/cost basis for the empty parcel?
Is there more than one way to do this? (ie tax assessed value vs actual value? The county does separate land/tax values that I could use for a ratio, but I could also use the actual house sale price right?)
