ok, the property that was gifted to us is a piece of tribal trust property that dates back before the state was a state and is not governed by the state or the tribe and is not taxable land. My wife paid $1 love and? For the property to record it in our name with the tribe.
In turbo tax, I am not sure which boxes to click on as I didn’t buy my home, I built my home myself. I was paid $560,000 by the insurance company to rebuild my home and I spent about $450,000 to build it myself. If I click the boxes that lead me to calculate cost basis, and I click acquired property in a different way than purchasing it, it doesn’t allow me or it doesn’t calculate depreciation? I have thus far clicked purchased home for $450,000 and I have left all boxes blank for title fees, filing fees etc. I have listed cost basis of land at $1 as that is what my wife paid? Should I approach this differently?
