Questions About Tax Reporting on Sale of Property

[Tim Block]

I have a bunch of questions for the tax gurus here.  In 2022 my wife and I sold 2 properties that were held longer than 1 year. My main question was can I list both under a schedule D? Here are both the scenarios and a few follow up questions:

1. We purchased land in Arkansas for personal use at the beginning of 2021. We paid about $11K to clear various portions of the land. We sold the land over a year later for a profit. Would we just list this on Schedule D? Can we include the cost of clearing the land in the basis of the property?

2. We sold our primary home at the beginning of 2021. We purchased a fixer upper with the intention of moving in, but circumstances changed. We ended up sending our daughter to a different school and only lived in this house for about 2 weeks while waiting to move into another house that was a better fit for travel to/from schools and work. We made substantial repairs updates to the house in the 1.5 years we held it, including new roof, new HVAC, new water heater, added some new appliances, drywall, painting, and added a staircase and finished about 400 sq ft of attic space. Would we report this on schedule D?  Would we include the cost of ALL the repairs and updates into the basis of the property when reporting or are only some allowable?

Your help is greatly appreciated. I know we need to get a good accountant on board and have been looking at a few local options, just not ready to pull the trigger just yet. I guess a concern with the above is that the IRS would force us to label both sales as flips since I am a Realtor and have been looking at getting into flipping houses and/or rentals and my new marketing material indicates that direction (just haven't done it yet). But after working on that house I am thinking flips are not for me anyways as I am too hands on, and that type of work is liable to leave me with some permanent health damage :)