Updated almost 2 years ago on .
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Subdivided land- tax
Hi all!
Purchased 20 acres of bare land in 2021. Subdivided it into 2- 10 ac parcels. Sold first parcel over a year later in 2022. Sold other parcel in 2023. Did minimal work on them, added driveways to each and that’s it.
My question is can I claim the capital gain of both parcels in 2023? Looking at it as one big project or would I have to claim the gain of the first parcel on 2022 taxes and second parcel on 2023 taxes (Split cost of 20 acres in 2 and show a gain for each parcel sold) ?
I’ve been told different things by CPA’s. Looking for some clarity! Thanks in advance!