Trying to get our taxes done a little later than normal this year. I know the requirements for reporting a housing sale have changed, and i was expecting to report the sale of my condo. However the accoutant my wife is going to, requires we report the land value in 2013 for a condo i just sold.
My understanding is it relates to capital gains, but all my searching gives conflicting info on if you need a land value or not, land doesnt depreciate but the building does (as i understand things.)
Accountant insists a value is required but cant tell me where to find that info or how best to calculate it.
Timeline -
2008 bought condo at peak for 230k as primary residence
2013 begin renting condo (triggers a change for capotal gains im told)
2016 condo markets changed. Dont want to carry it anymore. sold condo for ~220k
Anyone have an idea how to figure out the land value and or the capital loss so i know if the accountants out to lunch?