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MGC94
Level 7
04-06-2022
10:49 PM
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bought farm 1/ 2004 $425,000
sold farm 12/21 $565,000
put in barn 125,000
pool 60,000
driveway 12,000
underground water and elect 10,000
and more. Can I do just home sale with the 500,000 exclusions? What do I do with the farm side? what form do I use to write off the sale of a farm. It is all the same address.
If the farm is 20% of sale and the house is 80% of sale how do I do that?
Can it all just go under sale of main home? The farm income in the past was very small. $1,200 in 2018 $2,000 in 2019 and other years, but nominal amounts. Thank you!
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