Sale of Property

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  • gtownparks
    Junior Member
    • Feb 2006
    • 2
    #1

    Sale of Property

    I have a client who parceled off and sold some land from his primary residence. He remains living in the primary residence. How is reporting done in this situation?
    Tags: None
    • Bill Tubbs
      Senior Member
      • Jan 2006
      • 495
      #2
      divide the basis

      Figure out how much basis he had in the portion of the land he sold. Then report on Sch D.

      Bill

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