Solved
Closing or two lots?
Can I list two properties, bought seperately but sold as one, in the same closing? I sold a lot and a cabin in one transaction and one closing, but bought the lot several years after I bought the cabin?
Answer
June 4, 2019
If these were both properties used for personal use only, you could lump them together, use various as the purchase date, and choose that they were both long-term holdings, if they were. As personal use properties, not a primary residence, any loss would not be deductible, any gain would be taxable. If you did not hold them both for more than a year, you would have to enter them separately so one would be taxed as short-term and one long-term.
If you rented this property out, the answer would be different.. If that was the case, please add more detail.
