Farmer owned 80 acre farm but the real estate tax records divide his farm into two adjacent parcels. Parcel one is 40 acres on which his home was located and parcel two is 40 acres of vacant land also used for his farm operation. Both parcel were used for farming. The farmer sold off a small portion of parcel two. How would the capital gain be handled. Would it qualify for the homeowner capital gain exclusion? ($250,000 for single).
- posted
14 years ago