Capital gains on inherited vacant land?

yogi0417 — Mon, 03 Jun 2019 17:24:42 GMT

I inherited vacant land from my mother on 1/5/2011. My share was valued in succession at $62,500. The property was sold on 11/28/2018, and my share was $118,962.39. Do I report capital gains of $56,468.75? What about showing income for State of La?

Yes, show income of $56,468.75. If the $119K does not sho...

HelenaC — Mon, 03 Jun 2019 17:24:44 GMT

Yes, show income of $56,468.75. If the $119K does not show selling costs, broker commissions, transfer taxes, and other closing costs, you should adjust your basis. See Where do I enter the sale of a second home, an inherited home, or land?

LA residents, part-year residents of Louisiana, and nonresidents with income from Louisiana sources who are required to file a federal income tax return must file a Louisiana Individual Income Tax Return.

If you are a resident, TurboTax will transfer your gain to your state return.

If you aren't a resident, effective January 1, 2008, inheritance tax shall not apply to deaths that occur after June 30, 2004 however you have to pay on your gain from inherited property. See LA Individual Filing Requirements and How do I file a nonresident state return?

Related information:

Do I need to report inherited property or land? Only if you sell it.
Why would I have to file a nonresident state return?

topic Capital gains on inherited vacant land? in Deductions & credits

Capital gains on inherited vacant land?

Yes, show income of $56,468.75. If the $119K does not sho...