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

[JulieR · Accepted solution]

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.