I bought a rental house in 1982. I bought the vacant lot adjacent to the house in 1986. I sold the rental house in 2018, with the adjacent lot as part of the entire sale transaction. Do I separate the value of the adjacent lot when I report the gain, or lump it in with the single sale transaction?
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You can report the sale of the rental house along with the adjacent lot. Remember to include the value of the land in the basis of the property when calculating capital gain.
You can report the sale of the rental house along with the adjacent lot. Remember to include the value of the land in the basis of the property when calculating capital gain.
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