Do I pay taxes on land sale? Sold primary home owned 5 acres adjacent to home offered it as an option at the time of sale. Buyer of home bought land later. Rcvd 1099s

719highpoint — Tue, 04 Jun 2019 23:05:00 GMT

No. The sale of land adjacent to your home qualifies for...

JulieR — Tue, 04 Jun 2019 23:05:02 GMT

No. The sale of land adjacent to your home qualifies for the home sale exclusion if all of the following apply:

the vacant land is adjacent to land containing your home
the sale occurs within two years before or two years after the date of the sale of your home
you owned and used the vacant land as part of your main home, and
your use of the vacant land satisfies the two-year ownership and use rule.