What is my property basis? 9/15/2015 purchased two lots in a neighborhood side by side for 156K. Replatted the lots taking Lot A down to .7 from 1.03 acres and moving Lot B to 1.66 from 1.3 acres. Sold lot A for 60K on 9/13/2016. What is my tax basis for lot A? Can I split them down the middle and say I lost 18K on my taxes. Lots on the street have sold for 55-70 in 0.7 acre size but these are the premium lots in the neighborhood wooded and on the only culdesac. Confidently feel like I lost some cash in the deal but dont know if the IRS cares. Any thoughts from an expert would be much appreciated. |