1268283
You'll need to sign in or create an account to connect with an expert.
No. But, it reduces the cost basis of your home, which is used in calculating your capital gains when you sell.
And, if you received a 1099-S for the sale, you must report it. You would report sale of "something else", the purchase date is the date you bought the home, sale date is the date the lot was subdivided, and purchase price and sales price would be the same number--the amount you received.
No. But, it reduces the cost basis of your home, which is used in calculating your capital gains when you sell.
And, if you received a 1099-S for the sale, you must report it. You would report sale of "something else", the purchase date is the date you bought the home, sale date is the date the lot was subdivided, and purchase price and sales price would be the same number--the amount you received.
Thank you, infinity more succinct than the expert I talked to....
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17524531726
Level 1
kevin167
New Member
atn888
Level 2
atn888
Level 2
taxbadlo
Level 1