I need to know the impact on my 2017 state and federal tax return if I sell $100,000 of farmland with no cost basis in 2017.

aandpspenst · ‎June 4, 2019

PaulaM · ‎June 4, 2019

You can use the calculator in the link below (through step 3) to estimate the amount of taxes due for property with no basis. You will need to look up the state capital gains rate for your state. Contact your state's revenue department.

Are you certain there is no basis? A reasonable estimate using historical data (county records) would be better than claiming no basis at all.

https://apiexchange.com/capital-gain-tax-calculator/

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View solution in original post

PaulaM · ‎June 4, 2019

You can use the calculator in the link below (through step 3) to estimate the amount of taxes due for property with no basis. You will need to look up the state capital gains rate for your state. Contact your state's revenue department.

Are you certain there is no basis? A reasonable estimate using historical data (county records) would be better than claiming no basis at all.

https://apiexchange.com/capital-gain-tax-calculator/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I need to know the impact on my 2017 state and federal tax return if I sell $100,000 of farmland with no cost basis in 2017.