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Investors & landlords
If you used the same % on the land/house division on the sale that you used on the original asset listing AND all the sales prices over all 4 assets total up to the sales price on the 1099-S then it is very possible that you technically sold the land at a loss but due to depreciation recapture the building is a gain. If you are not sure then talk to a tax pro as already suggested.
‎June 28, 2021
6:13 AM