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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....
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