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yogi0417
New Member

Capital gains on inherited vacant land?

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?

1 Best answer

Accepted Solutions
HelenaC
New Member

Capital gains on inherited vacant land?

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 residentspart-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.

Related information:

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1 Reply
HelenaC
New Member

Capital gains on inherited vacant land?

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 residentspart-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.

Related information:

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