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sale of personal residence

ered
Level 2
  • purchased 13 acres 1974 then built his personal residence now he sold
  • a 4 acre parcel I would like to take the sale proceed and use it as part of the exception to
  • the sale of personal residence.  The land is just there never used for any business 
  • What do you think
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1 Best Answer

Accepted Solutions
TaxGuyBill
Level 15

Was the RESIDENCE sold?  It is an exclusion for the sale of the Principal RESIDENCE.  Attached vacant land may qualify if sold within 2 years of the residence, but the residence needs to be sold.

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TaxGuyBill
Level 15

Was the RESIDENCE sold?  It is an exclusion for the sale of the Principal RESIDENCE.  Attached vacant land may qualify if sold within 2 years of the residence, but the residence needs to be sold.