I bought the second home from my mother as a personal sell from her for $10,000. It cost me $8,200 dollars to provide insurance for the home. The acreage I am selling is separate from this property but again to the same person my brother. I am planning to do this as a single sale for $50,000 total.
Is there a need to break up the two sells separately? If so I would use $20,000 for the home place and $30,000 for the separate acreage. There is a deed for each of these properties.
How will this affect my taxes for 2017? Would it be wiser to accept half of the payment this year and the other half next year on 2018 taxes?
