Taxpayer has a rental with building, land, kitchen remodeled, and HVAC replaced. Is this all 1250 property?
Land - No.
Kitchen appliances - no.
The rest of it - probably.
Thanks. Q Can I do a bulk sale for building and land or must I treat them sepataely and allocate a part of selling price to land?
Land is supposed to be reported separately.
Do I allocate20% of selling price to land or just leave it as zero?
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