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Discussion:Sale of home and land
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Discussion Forum Index --> Tax Questions --> Sale of home and land
Jlmagana (talk|edits) said:
| 8 February 2006
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| I have a client that has 5 acres of land. On these acres, there are 3 homes, one she lives in, one her daughter lives in, and the other her grandson lives in. She owns the land and the three houses. If she sell the place (acres and all 3 homes)in one sale, how is this treated? Does it all qualify for the exclusions or does she have to treat the other two houses as investment property? How would you split this up?
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Riley2 (talk|edits) said:
| 9 February 2006
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| Only the portion of the property that is actually used by your client as her principal residence will qualify for the exclusion.
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Deback (talk|edits) said:
| March 9, 2007
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| If there are three property tax bills, you could use the assessed values to prorate the sales price to each of the houses.
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