We sold our home and adjacent vacant land separately during the year. Received a 1099-S on the land sale. How do I report and treat as one sale in turbotax?

[null593]

IRS Publication 523 states that these can be combined and treated as one sale.

[RayW7]

If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).  

If you had a gain greater then the exclusion amounts then you would have to report the sale.  Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.  You will need the online TurboTax Premier or Home and Business edition to report the sale.   Make sure that you indicate that you want the sale of the home reported on your tax return.  (See Screenshot)

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on
• Scroll down to Less Common Income
• On Sale of Home (gain or loss), click the start or update button

-follow these link(s) for additional information-

Video: Tax Deductions When Buying or Selling a Home ...

Tax Law for Selling Real Estate - TurboTax Tax Tips & Videos

[justdeauit]

Would like to follow up with RayW7 response:

Sold our house in 2019 and a adjacent lot in 2020; did not receive a 1099 for the land.

Do I NOT need to indicate the sale on 2020 taxes and just file an amended return for 2019 to include the sale of the land with the sale of the house?

Thanks