Report on Sch D / Form 8949. If WY land is a business asset, you'd report that on F.4797.CO Home: CO (but also OH if sold while tax resident of OH with credit for CO tax unless fully excluded under §121)WY Land: State of tax resident when the sale occurredIf these are installment sales, please let us know so that we can provide more info.

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Family sold their CO home, land in WY and purchased a home in OH. What form is this recorded on? And is it US or CO?

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itonewbieAnswer

Level 15

Report on Sch D / Form 8949. If WY land is a business asset, you'd report that on F.4797.

CO Home: CO (but also OH if sold while tax resident of OH with credit for CO tax unless fully excluded under §121)
WY Land: State of tax resident when the sale occurred

If these are installment sales, please let us know so that we can provide more info.

---------------------------------------------------------------------------------Still an AllStar

itonewbieAnswer

Level 15

Report on Sch D / Form 8949. If WY land is a business asset, you'd report that on F.4797.

CO Home: CO (but also OH if sold while tax resident of OH with credit for CO tax unless fully excluded under §121)
WY Land: State of tax resident when the sale occurred

If these are installment sales, please let us know so that we can provide more info.

---------------------------------------------------------------------------------Still an AllStar

K

KMA-TaxAuthor

Level 3

Does only the net profit get reported?

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