TaxGuyBill
Level 15
01-30-2021
12:30 PM
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@Aaron wrote:My assumption. Land is long term capital gain, house is short term capital gain.
Allocate sale price based on initial cost basis of land and home.
Yeah, I would enter it as two separate sales. I don't have citations for that, but that is what I would do.
No, the sale price would be allocated on the Fair Market Value of each on the date of sale.