Small business,such as local business,personal finance,credit and real estate.
Question:
So if I still had 100 acres and a remaining debt of $100K have I made a profit yet and do I owe the IRS?
Answer:
Yes. Assuming that you didn't have separate purchases for the original 200 ac, then your basis in the 100 ac is $250K and you have a gain (before selling expenses etc) of $150K
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