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sam_tayebali
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I sold a condominuim and the program is asking for Land value?

 
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‎June 6, 2019 9:59 AM
last updated ‎June 06, 2019 9:59 AM
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IsabellaG
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I sold a condominuim and the program is asking for Land value?

Depending on where the condo is located, you may own a percentage of the common elements, including land. A property tax bill may help determine how much of the cost basis/sales proceeds should be allocated to land ownership.

See page 15 of this IRS Publication for information on condos.

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‎June 6, 2019 9:59 AM
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IsabellaG
Expert Alumni
Expert Alumni

I sold a condominuim and the program is asking for Land value?

Depending on where the condo is located, you may own a percentage of the common elements, including land. A property tax bill may help determine how much of the cost basis/sales proceeds should be allocated to land ownership.

See page 15 of this IRS Publication for information on condos.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 6, 2019 9:59 AM
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