Yes. The cost of the land is a part of the basis for the property in computing your gain/loss.
Your land plus any improvements to the land and the cost of the home and all improvements are included in determining the basis of property sold.
Report sale of house
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income.
- On Sale of Home (gain or loss), click the start or update button.
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