We sold a piece of land in Massachusetts (owned for 29 years). I think I understand that we will not have to pay capital gains based on our 2022 income level. As far as what we can use to claim for improvements:
1) We had 2 sheds built on the land
2) We cleared the land ourselves (how would we determine cost if deductible)
3) Do we net off what we paid for it in 1993 (bought at an auction) or do should we find out the assessed value at that time?
Anything else we need to do?
Thank you!
