Plan selling lot AND Pub 523


D

Dannie

Thanks to those who supplied me with some information. In
the meantime I read pub 523 and offer this. I may or may not
get 1099S from buyer - this I will determine. Since my
vacant lot is adjacent to my main home I believe the sale
qualifies under the 250/500,000 exclusion provided I sell my
main home within 2 years. How would I report the 1099S on
Schedule D since I would not be filling in the form for
selling house which then carries over to Schedule D?

Should I in 2 years not sell my main home, what are the
penalties at that time?

Ah for Uncle Sam!

Dan
 
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