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Final return
You do not say what state the rental property was in. However, in general, there should not be an issue if you do not check a final return box.
Rental Sale
You have to split the sales price between the building and land, even though they were sold together. Use the original purchase ratio. Multiply you sales price by 29.41% and that will be your land sales price. 70.59% x the total sales price will be your building price.
Land $50,000 29.41%
Building $120,000 70.59%
Total $170,000 100.00%
Sales Expenses
Allocate your sales expenses by the same ratio. The sales commission is part of the sales expenses. Generally your sales expenses will be anything under the paid by seller column except for mortgage interest and property taxes (if any).
Final return
You do not say what state the rental property was in. However, in general, there should not be an issue if you do not check a final return box.
Rental Sale
You have to split the sales price between the building and land, even though they were sold together. Use the original purchase ratio. Multiply you sales price by 29.41% and that will be your land sales price. 70.59% x the total sales price will be your building price.
Land $50,000 29.41%
Building $120,000 70.59%
Total $170,000 100.00%
Sales Expenses
Allocate your sales expenses by the same ratio. The sales commission is part of the sales expenses. Generally your sales expenses will be anything under the paid by seller column except for mortgage interest and property taxes (if any).
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wormie
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