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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.
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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