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kenshi4242!
New Member

How do i figure taxes on buildings on leased land purchased from me?

Had leased land in Idaho with buildings on the land.  we owned the buildings, not the land.  the buildings were purchased from us.   how do we do tax on that compared to how much we purchased the lease?
1 Reply
Critter-3
Level 15

How do i figure taxes on buildings on leased land purchased from me?

If you only owned the building then you only report the sale of the building ... nothing about the land is mentioned ... skip those sections.

 

As the new owners of the property  they are responsible for cutting a lease for the land from the land owner.

 

Or did they also buy the lease option from you ?  

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