Hello,
I just sold land that was gifted to me by my mother for $180,000. My mother inherited the land from her husband (my dad) when he died. Her husband was gifted the land from his dad (my grandfather). My grandfather bought the land in the 40s, but there is no record of the sale in the county books. There is no record of the original purchase price. We cannot determine the donor's adjusted basis.
How much capital gains do I need to report/pay?
Is there a work around to get the donor's adjusted basis?
Helpful info:
I have had the land for more than a year.
I am filing as married.
Income: $180,000.00
Thank you for your thoughts.
