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Home > Money & Services > Taxes   »   3 lots, selling 2 of them

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Old May 19, 2006, 04:37 PM
bobbyd
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3 lots, selling 2 of them
If I own 3 lots and I am selling 2 of them, will I have to pay capital gains taxes on the 2 lots I am selling?

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Old May 22, 2006, 05:56 PM   #2  
AtlantaTaxExpert
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Yes, capital gains taxes will be due.

Your basis for each lot is one-third what you paid for the three lots (on the assumption that the lots are about the same size).

If they are radically different in size, then you must pro-rate the basis based on the size of the lots.
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