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Get your taxes done using TurboTax
Thank you. Such payments of cash went on for about 10 years. I had never thought I would sell the land so at the time, pay outs did not matter. I have spent several thousand in cash. The area it is located in is rural small town - very poor county. When getting land cleared or building cleaned or worked on - the locals were happy with “cash” and no receipts or checks. I have photos of all work and land clean up and bank cash withdrawals but no receipts from any one. My big concern is if there is a limit of “cash paid out” for property improvements and a list of what can be deducted. Sure appreciate any knowledge. The land was passed on to me but after 10 years and it being 800 miles away - it had become a money pit. Now, I sure hate to be taxed on selling it when 60% of what I got for it was spent on it - plus all the travel to the area 3-5 times a year for 10 years (hotels and fuel)