Thanks Todd, this great. I was under the impression there was an opportunity to actually indicate land sale but if not, that's ok. Here are more details on our situation which make cost basis so hard to determine.
Any advice on how to determine cost basis would be very much appreciated.
My wife's aunt purchased land in FL in 1974 - price unknown
My wife's aunt put my wife on the warranty deed as joint tenant in 1992.
When her aunt died in 2004 we thought my wife was the sole owner. Fast forward to 2020 when my wife went to sell she found she was only 50% owner, turns out there was no Survivorship Rights. My wife did a 'Quiet Title' action where the other 10 heirs waived their rights to the property, knowing their aunt's intention to give it to my wife. It sold for in December, gross proceeds $36,500.
Local valuation records for 2004, when the aunt died, show value at $20,000
Land value at time my wife was put on the deed in 1992 is unknown.
Closing costs including lawyer were $2500.
my wife paid taxes on the property from 2004 through 2020. (~$6500)
Help!?
