Hello experts,
I've been reading around but didn't find what I am looking for. I use the TT Deluxe which I buy from Costco.
I have a vacant lot in another state (FL) which I'm about to sell. Bought it for $20k about 12 years ago and been paying taxes for that time (I think about $4k).
The lot will be sold for $23k which would seem like a $3k gain, but again I will lose money since I paid over $23k if we count the taxes. The seller will be paying all closing costs.
So will this be a gain or a loss?
Also, the lot is on my name and wife's name (but we're been separated and filling our taxes separately).
So, who needs to report the sale of the vacant lot?
Thanks much for the info.
