We sold our main residence along with 4 acres that it sat on in 2019 for approximately 300k. The cost basis from original purchase would have been approximately 150k. Married filing jointly, no taxes were due.
In 2020 we sold the rest of the property which also was 4 acres with no no buildings or improvements for "Gross proceeds" of 84k and "Net proceeds" being 77k.
We received a 1099-S reporting the Gross proceeds of 84k in box 2.
Since the total gain is approximately 227k, I do not believe we owe taxes at all.
Can you share any insight?
Thanks
