I received a falling down house on some land , did not live on the land or in the house ever. It was in a trust, what kind I do not know. I sold it as fast as I could. Had lost of closing costs and also some attorney fees. Can anyone help me with this?
Were you given a cost basis of the property that you received? If you do not know that information, you should contact the trust manager to acquire that information.
After you determine your cost basis, you will report the sale of the property on IRS form 8949 / Schedule D Capital Gains and Losses.
You will report: Selling price less Cost basis less closing costs equal capital gain or loss.
In TurboTax CD/Download Premier click SEARCH in the upper right hand corner of the screen.
If you have additional information or questions, post here for assistance.
Were you given a cost basis of the property that you received? If you do not know that information, you should contact the trust manager to acquire that information.
After you determine your cost basis, you will report the sale of the property on IRS form 8949 / Schedule D Capital Gains and Losses.
You will report: Selling price less Cost basis less closing costs equal capital gain or loss.
In TurboTax CD/Download Premier click SEARCH in the upper right hand corner of the screen.
If you have additional information or questions, post here for assistance.