Tax on sale of vacant land and existing home

[annh89]

Husband and I (married filing joint) bought vacant land in 2001 which has remained vacant.  We bought a home in 1999 and have lived there all this time.  If we sell  the land in 2024 or 2025 and sell the home in 2025 in separate transactions, what tax will we owe, if any?  The land and the home are in different cities.  The profit on the land will likely be under $30K and the profit on the home will be under $500K.    Is there a benefit to timing these sales in the same year or in different years? Thanks. 

[Mike9241]

the land sale is taxable. the home sale should be fully non-taxable due to the $500,000 home sale exclusion. your statement indicates you meet the rules for qualifying for the full exemption.  the only unknown is potential changes in the tax laws