Hi folks,

I'm new here. I'll be working for intuit as a tax associate this tax season. I plan to purchase ProConnect after my start date and take on some basic 1040 clients of my own. Of course family members are my first clients:) 

My daughter and her husband purchased a home on 15 acres of land about four years ago. In 2024 they subdivided and sold10 acres. Later in 2024 they sold the house and the remaining five acres.

How do they determine the basis of the 10 acres of land sold? Not sure if the original appraisal breaks out the home and land value. I've read that in some cases one can use the property tax evaluation.

Also, the two sales were to two different parties, would the $500,000 gain exclusion apply to both sales?

I haven't found examples like this situation so far in my research.

Thanks!