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How do I put property that I was gifted and now selling on my tax return?
I sold 40 acres on land for $25,000 in cash on October 21, 2020; there was no commission. I received it as a wedding gift on Oct. 10 1994 from my wife’s parents. It was worth $20,000 on the date of the gift but they bought it for $12,000 in 1970.
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April 6, 2021
1:07 PM