Closing or two lots?

[hartlink]

Can I list two properties, bought seperately but sold as one, in the same closing? I sold a lot and a cabin in one transaction and one closing, but bought the lot several years after I bought the cabin?

[Anita01 · Accepted solution]

If these were both properties used for personal use only, you could lump them together, use various as the purchase date, and choose that they were both long-term holdings, if they were.  As personal use properties, not a primary residence, any loss would not be deductible, any gain would be taxable.  If you did not hold them both for more than a year, you would have to enter them separately so one would be taxed as short-term and one long-term.

If you rented this property out, the answer would be different.. If that was the case, please add more detail.