We bought of Interest in Life Estate from grandmother.
Purchased interest in family life estate (home and farmland together) same day for 86,000 (example amount)
Sold just the house in October for 132,000
Then sold the farmland in November for 315,000.
Are the house purchase and sale reported separately from the farmland purchase and sale? If so where to report farmland sale?
The 86,000 we paid for both.
If we have to report 2 different purchases and sales how do you determine which amount of the 86,000 is what you paid towards house vs farmland? I would appreciate anyone who could explain this.
