https://ttlc.intuit.com/community/taxes/discussion/vacant-land/01/2792549#M1029023 <P>I live in Michigan and sold a vacant lot that I inherited. What will I need to do when filing my taxes?</P> Tue, 10 Mar 2026 06:51:16 GMT gasblue 2026-03-10T06:51:16Z https://ttlc.intuit.com/community/taxes/discussion/vacant-land/01/2792549#M1029023 <P>I live in Michigan and sold a vacant lot that I inherited. What will I need to do when filing my taxes?</P> Tue, 10 Mar 2026 06:51:16 GMT https://ttlc.intuit.com/community/taxes/discussion/vacant-land/01/2792549#M1029023 gasblue 2026-03-10T06:51:16Z https://ttlc.intuit.com/community/taxes/discussion/re-vacant-land/01/2793165#M1029024 <P>You will need to report the sale of the inherited property on your tax return.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>You may receive a 1099-S reporting the proceeds of the sale.&nbsp; You still need to report the sale even if you do not receive the form.</P> <P>&nbsp;</P> <P>Your cost basis for the property will be the Fair Market Value of the lot at the time of death.&nbsp; The sale amount will be the amount the lot sold for less any sales expenses.&nbsp;&nbsp;</P> Wed, 16 Nov 2022 23:04:04 GMT https://ttlc.intuit.com/community/taxes/discussion/re-vacant-land/01/2793165#M1029024 jkellett2 2022-11-16T23:04:04Z