You could ask your realtor about land vs building. Ideally when you set up the rental property you allocated purchase price to both land and building, since land can't be depreciated. You can examine the neighborhood. Have land prices risen disproportionality? The information could also be on the property tax bill.
Not every expense of the sale is included in basis.
Sales Expenses for selling your property include:
- Sales commissions
- Advertising Expenses
- Legal Fees
- Broker Fees
- Transfer taxes
