What is the name of your state? NJ 
We currently subdivided our large lot into two seperate lots of our primary residence (farmland). We paid $69k for the lot originally and proceeded to build a house $185K along with many legal fees and engineering fees contributed to the sale of the property. We sold the subdivided lot for $290K What are we taxed on and since we still live on the original lot, what are we taxed on and what percentage? thanks
We currently subdivided our large lot into two seperate lots of our primary residence (farmland). We paid $69k for the lot originally and proceeded to build a house $185K along with many legal fees and engineering fees contributed to the sale of the property. We sold the subdivided lot for $290K What are we taxed on and since we still live on the original lot, what are we taxed on and what percentage? thanks