I am posting this question here because when I asked the so-called champ expert in a PM, I was told to put it here. I don't understand why I have the option to PM the expert but told to put my question to the public.
So, Champ level 15, xmasbaby0, here you go.
I had inheritance land in trust for over 20 years. I had it taken out of the trust and my half put in my name 31 Jan 2020. I sold the land in 2021 with a final sale date of 15 Jan 2021. How do I claim this on my Federal and Illinois taxes? Do I owe any gains tax etc. All advice or references will be greatly appreciated.
That is, it and I would like a Turbo Tax Cuatomer Services Rep contact me about this situation. of your Expert.
Most of us who post and answer here (like me and xmasbaby) are not experts and not employees. We are just other users like you. This is a public user forum. You should post in the forum so more people can see you question and maybe someone else can help you and will know the answer.
Or call in, How to contact Turbo Tax
https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-contact-turbotax/00/26991
What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
If you want real live Turbo Tax expert help you can add LIVE service.
How to get LIVE
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-get-turbotax-live/00/27305
Then how to connect to an expert in Turbo Tax Live
you do have the option of paying a tax professional for their opinion and even to do your return and that ain't no BULL.
Q. How do I claim the sale of land on my Federal and Illinois taxes?
A. In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Real estate is other)
Q. Do I owe any capital gains tax?
A. Yes you have a long term capital gain. If the sale results in a capital loss, reply back for more instructions.
When asked for the acquisition date, enter "inherited". The cost basis is the fair market value on the date of death of the decedent. Apparently you sold a half interest, so your basis will be half the total basis