Hello,
I have searched for any keywords to read prior questions, but I'm still clueless!
I have sold a rental in 2021 after several years of renting it. I am at below TT screen:
Q1. I have a 1099-S where I have the total gross proceeds from the sale listed. I also have added up all sales expenses (i.e. closing cost) from the HUD document. That should answer the 1st and 2nd box above. Is that correct?
Q2. How do I calculated the 3rd box (Land Sale Price)? I do have the initial purchase price and land value from a few years back when I purchased the rental. I also have the most recent property tax assessment for 2021. Do I use these to find land value? If so, which one?
Q3. And finally, how do I calculate the 4th box (Land Sale Expense)?
Thanks!
