Selling Multiple Tracts of Vacant Land

[Lonestar]

Multiple questions really... I hope that's OK..
 
Selling multiple tracts of vacant land simultaneously, to one buyer. Some of the tracts, we purchased. Others, spouse was made Joint Tenant by way of a gift. All were held for between 15-17 years, for what it's worth.

1) When I file 2023 taxes for sale of the Land(s), can I just enter Various instead of entering each one or am I going to be getting multiple 1099-S forms and will need to enter each individually? I'm assuming each will have a separate price, but haven't gotten to that point in the process yet. 

2) Will Federal and State (CA) taxes be figured individually for each tract? In that if, say tracts 1, 2 and 3 had gains after subtracting Cost Basis and the others had losses, and overall there was a loss. Would I still have to pay taxes on the ones that had gains? Make sense?

3) For any associated selling costs, would I have to divvy them up evenly among the individual sales or subtract all the costs from just one of the sales?

I guess that's it. Thanks in advance!

[tagteam]

Your gains and losses are going to be netted (they're all long-term so it's rather simple).

Provided you are selling to one buyer on one sales date, you should be able to enter various as the date of acquisition. In that event, there would be no need to allocate sales expenses among the various tracts.

[Mike9241]

I think you need to review your tax situation as to whether you're a real estate investor or dealer. investors gets capital gain treatment.  dealers get ordinary income treatment.

https://www.marcumllp.com/insights/dealer-vs-investor-what-factors-are-considered-and-why-it-matters  

[Lonestar]

Thanks @tagteam, am hoping it's that simple. 

[Lonestar]

Thanks, but sounds more complicated that my situation. Not a dealer or investor. Just owned personal property and am selling it. Maybe technically that is considered 'investing'. I guess I will have to research that.

[tagteam]

@Lonestar 

A tract of land generally equals investment property (unless you plan to build your residence on a tract).