The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/two-lots-purchased-for-1-price-basis-16371710.aspx

Subject:  Two Lots Purchased for 1 Price - Basis? Date:  12/31/2001  11:35 PM
Author:  Adam812 Number:  56550 of 121061

I purchased two single-family lots for one price without any stipulation as to individual value. I sold one lot and built a home on the other. The one lot sold for almost what I paid for both lots after 3 years. What restrictions are there in setting the basis value of the sold lot. I would like to defer the bulk of the capital gains tax burden to the time when I sell the other lot and home on it. Would this be possible. In other words, if I paid $60,000 for two lots and sold one for $50,000, is there a problem setting the basis for the sold lot at say $45,000?
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us