Tax on land sale after sell home


F

Fred J. Tydeman

I had 2 acres of land with our house on it. We subdivided
the land into two 1 acre lots -- one with the house, the
other vacant. We sold our house this past fall. Since I am
married, the small capital gains on the sale are way under
the $500K exclusion for sale of primary residence. I have
read someplace, that if I sell the vacant lot within two
years of the sale of the house, the capital gains on the 2nd
sale can be included with the capital gains on the sale of
the house (which if true, would make for a tax free sale,
since the combined capital gains would still be under
$500K). Anyone hear of this? If so, what tax forms would be
involved and how can I tie the 2nd sale to the first?

---
Fred J. Tydeman Tydeman Consulting
(e-mail address removed) Programming, testing, numerics
+1 (775) 287-5904 Vice-chair of J11 (ANSI "C")
Sample C99+FPCE tests: ftp://jump.net/pub/tybor/
Savers sleep well, investors eat well, spenders work forever.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top