my client has purchased a 2.5 acre vacant non income producing land in Feb 2022 and sold .5 acre (1/2 acre) during the same year 2022. How do I report this partial sale and the profit?
Divide basis by 5 and use that for the .5 acre sale?
Is he a real estate developer? Maybe Schedule C. Not really enough information here.
I agree, also...did it gain any equity that would raise the FMV at time of sale/
