We sold vacant land that we have owned for 30+ years in 2024. During the sale the buyers title company discovered a problem with the transaction. We bought the land from two people, one had died so we bought it from his son who had inherited it. The title company discovered the his father did not have a right to sell in his will and flagged the title. To clear the title we contacted all the heirs involved and got them to sign off on the sale. We filed a case with the probate court and are awaiting for there decision to clear the title. In the meantime we transferred the property to the new owners for most of the sale price with an amount held in escrow by our lawyer until the probate case closes. My question is should I file capital gains in 2024 or wait until the probate case is done and the title is cleared. We did not receive a 1099-S. I don’t know if there will be additional legal costs to complete the sale.
