Skip to main content
March 11, 2024
Question

1099 s. we purchased a property that had two seperate lots back in 2009 and used as our PR. It was sold individually as two seperate parcels

  • March 11, 2024
  • 1 reply
  • 0 views

So my question is we recd a 1099S for the property and an exempt form for the parcel with the house.  they where sold about two weeks apart to two seperate individuals.  we used both pieces as our primary as the land parcel was pasture.  how do i report this.  combined the capital gains does not exceed the 500K for a married couple.

    1 reply

    March 11, 2024

    report it all as one sale. use the gross proceeds for both and the cost for both. the fact the sale was to two different people doesn't matter. Since the land and building parcels were sold within 2 years of one another and both were part of your PR,  REG 1.121-1(b) says they're one unit for the home sale exclusion.