topic How to report income from sale of unimproved property in home state of texas in Deductions & credits

How to report income from sale of unimproved property in home state of texas

schrull926 — Thu, 06 Jun 2019 05:41:07 GMT

I sold 2 acres of unimproved land, with no structures on it and need to report capital gains. How do I report it and how is the capital gains calculated? From when I originally bought the property or from what the current value is compared to what it was sold for?

The capital gain on the sale is calculated based on the o...

MargaretL — Thu, 06 Jun 2019 05:41:08 GMT

The capital gain on the sale is calculated based on the original cost when it was acquired and it's gross proceeds when it was sold. The current property value is not relevant for the capital gains purposes. Please follow the steps below to report the sale of land:

Federal Taxes
Wages & Income
Scroll down to Investment Income
Select Stocks, Mutual Funds, Bonds, Other – indicate that you have not received form 1099-B and continue through the interview. You will be prompted to enter the sale category as “Land”.

Thank you so much for your reply, I appreciate your quick...

schrull926 — Thu, 06 Jun 2019 05:41:13 GMT

Thank you so much for your reply, I appreciate your quick response.

My pleasure and good luck in 2017!

MargaretL — Thu, 06 Jun 2019 05:41:13 GMT

My pleasure and good luck in 2017!