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Visitor I

Sale of multiple real estate investment properties

How do I file the sale of three separate and different RE properties, each purchased separately in different years, but sold as one sale in 2017?  Two of the properties are bare ground each with specific purchase prices.  The third property is an access lane that was purchase as a separate parcel with a totally separate 4th parcel as one sale.  The question is how do I enter these in Turbo Tax and how do I deal with the basis...particularly with the access lane that does not have an initial purchase price?

1 Comment
TurboTax Specialist

Sale of multiple real estate investment properties

You could allocate the sales price to each property proportionately (could used the tax assessors value). Then record the sale in the Investment section using each properties original cost basis. I'm not sure I understand the part of the access lane. Was that property part of another sale or another purchase? In any event, your choice would be to either allocate a cost basis to the access lane or to enter a 0 basis.