Answered: Re: sale of personal residence

ered · ‎05-06-2021

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

TaxGuyBill · ‎05-06-2021

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.

View solution in original post

TaxGuyBill · ‎05-06-2021

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.

sale of personal residence

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