Not Sale
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Posted by admin | Posted in Cartoon Collectables | Posted on 27-05-2008
Tags: ca, education not sale, girls not sale, home, marketing is not sales, new, no, not sale judith ortiz cofer, sale
How would I handle the sale of vacant land on my income tax?
My husband inherited a lot of vacant land in 1988. It basically sat there until last January when he sold it for about $36,000. It is not business property. He has no idea of what the value of the land was when he inherited it, and he has no idea how to find out.
My question is if this sale should be reported to the IRS and how much tax would he owe on it if taxes are indeed owed?
He really does need to try to value it. His basis is the value when he inherited it, and it will go on Schedule D if it was not business property. He’s going to have 15% long term capital gain on whatever he made over the basis. For the wrost case scenario, he can probably track down the original purchase price.
Not For Sale campaign video
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