In 2023, I purchased land (and paid in full) in the hopes of building a new home, but ended up sitting on that land. This year, I ended up purchasing a newly built home, but as part of that purchase transaction, the same builder I bought the home from purchased my land as part of the sales agreement.
I used the entire value of the land as a full down payment towards my mortgage - because of this, I never received cash for the land, as it was written into the purchase agreement as a down payment towards the house.
Do I still need to report the sale of the land, even though it was one entire sales/purchase transaction as a down-payment towards my mortgage (and never actually received cash for the land) ?