No, you would not report a $390,000 loss because you only sold one acre of land, not all of your land and your home. You need to determine what portion of the original purchase price was attributable to the one acre of land sold for the easement. You would not use the total purchase price because your total property, the home and all 11 acres, was not sold.
Once you have decided how much of your original purchase price was used for the acre of land that was sold, keep some notes and reduce your total purchase price by that amount. That reduced purchase price will be your basis when the time comes that you sell the home and the remaining 10 acres of land.
For example, using your purchase price of $400,000, suppose $290,000 of that $400,000 was attributed to the purchase of the home, and the remaining $110,000 was attributed to the 11 acres of land at $10,000 per acre. You would use $10,000 for the basis of the sale of the one acre of land for the easement and reduce the $400,000 basis for the home and remaining 10 acres to $390,000. These numbers are only examples and not necessarily the amounts you will use. You may need to consult a real estate agent in your area to help determine the breakdown to use.
@ARS3
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