Can someone help this accounting challenged person figure out cost basis for a rental property? I am trying to do my own taxes this year, after having paid an accountant $1,500 to do it for the past two years, but I can't quite figure out how to transfer his work into my own.
I put a lot of figures into my question, which Turbotax community forum does not seem to like because it assumes they are social security numbers, telephone numbers or something else, so I included my lengthier question in the attached document
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$345,000 x 32.7% (land) = $112,815 total land
$112,815 x 29.6% (rental percentage) = $33,393 rental land
$345,000 x 29.6% (rental percentage) = $102,120 purchase price of rental portion (including land)
$345,000 x 32.7% (land) = $112,815 total land
$112,815 x 29.6% (rental percentage) = $33,393 rental land
$345,000 x 29.6% (rental percentage) = $102,120 purchase price of rental portion (including land)
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