What happens if I sell part of prop that I own? When is cost calculated?
S1.61-6. When part of larger prop is sold, the cost or other basis of entire property shall be equitably apportioned among the several parts and the gain realized or loss sustained on the part of the entire property sold is the difference between the selling price and the cost or other basis allocated to such part. The cost should be calculated from when you bought it. Can't base basis on the adjusted value.