topic My wife was given a piece of property in roughly 06. The property has set vacant since then. The question is, what are the tax consequences if she decides to sell now? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-wife-was-given-a-piece-of-property-in-roughly-06-the-property-has-set-vacant-since-then-the/01/287103#M34941 Mon, 03 Jun 2019 17:37:59 GMT hamilton55 2019-06-03T17:37:59Z My wife was given a piece of property in roughly 06. The property has set vacant since then. The question is, what are the tax consequences if she decides to sell now? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-wife-was-given-a-piece-of-property-in-roughly-06-the-property-has-set-vacant-since-then-the/01/287103#M34941 Mon, 03 Jun 2019 17:37:59 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-wife-was-given-a-piece-of-property-in-roughly-06-the-property-has-set-vacant-since-then-the/01/287103#M34941 hamilton55 2019-06-03T17:37:59Z If she sells the property for a profit, she will have tax... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-she-sells-the-property-for-a-profit-she-will-have-tax/01/287120#M34943 <P>If she sells the property for a profit, she will have taxable reportable income. How much it affects your taxes will depend on the amount it is sold for.&nbsp; The higher the profit, the more she will pay in taxes, plus it will raise your overall income possibly having all of your income taxed at a higher rate than it is currently taxed at since it will increase your AGI.</P> Mon, 03 Jun 2019 17:38:00 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-she-sells-the-property-for-a-profit-she-will-have-tax/01/287120#M34943 Vanessa 2019-06-03T17:38:00Z