DawnC
Expert Alumni

Investors & landlords

As Mike9241 stated above, the property taxes you paid should have been deducted in each year that you paid them.  When you sell a capital asset (lot), the difference between its cost basis and the selling price results in a capital gain or loss.

 

Yes, TurboTax will ask about the selling price and your cost basis.  CT is not a community property state, so gains on assets that are jointly held can be allocated any way you like, but gains on assets held in one name only must be reported on the owner's tax return.  

 

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