We bought a piece of vacant land in November of 2016 thinking we were going to build on it. We paid $76,000. We've decided to not build on it and move out of state, so we have sold the property as of today (12/21/2017). We sold it for what we bought it for, which was $76,000. I'm so confused about how we'll be taxed on the sale. There was a loan that we had to pay as well, so we're not getting $76,000 from the sale. We're getting about $16,000 after closing costs. But we didn't sell the land for a profit since we sold it for what we bought it for. How will the $16,000 be taxed? Also - to make it more challenging, both myself and my fiance are on the paperwork, but we are not married. So - should we split the $16,000 when reporting? Help!
