How do I calculate the land value?
Look at the last property tax bill you received. Generally, there's a breakdown there for tax purposes between land and structure value. Whatever percentage you figure on the last property tax bill, use that same percentage to allocate your cost basis between land and structure. The program will do this for you, as that's why the program will ask for data off your last property tax bill. But not all property tax bills break things out the same. Therefore, sometimes the program can't do it for you.
should use the sell price or the price I paid,
The selling price, minus all credits and sales expenses you paid. Generally, the program will ask you for things like your contracted purchase price, selling expenses paid, credits, etc. and figure this stuff for you. But that's not true for every scenario. The important thing is, read the small print on each and every screen. The programmers didn't put it there out of boredom. 🙂
