I sold a piece of property in TN last year in Feb. I live in LA, and that is my permanent residence. I also bought another piece of property in MS in march of 2024 because I have family in that area. My question is I sold TN property for 80k and then purchased MS property for 55k. What forms do I use to add this info to my tax return? Also I put extra money into both properties to add a portable building and foundation. Are those expenses added to anything from an income tax perspective? Buying and selling property from a tax perspective is all new to me. Any advice is appreciated.
