The IRS treats the sale of the residence to one buyer and the sale of the adjacent land to a different buyer as one sale for the purposes of the $500,000 capital gains exemption. I read where you enter each of the 1099-S separately in Turbo Tax. How do I enter each sale separately and treat it as one sale? If I enter each sale as Sale of Residence, it allows for the $500,000 capital gains exclusion each time, so that can't be right.
How do I combine the sales as one when the sale dates were different, and there are two different 1099-S? This answer is nowhere to be found. Even the CPA I asked doesn't know the answer.
