BobKamman
Level 15
12-07-2024
08:51 AM
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If they used all 15 acres as part of their principal residence, you can exclude $500K gain from both transactions combined. I would report it as a single sale and attach an explanation that the proceeds came from two separate Forms 1099-S on two separate dates.
You haven't put much time into research if you haven't even found the Regulations for Section 121.