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gnt1977
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What Year Will I have to claim Capital gain from Sale of Property (land)

Sold property (10 acres of land) in November 2023.

Did not receive the money from the sale of the property until January 2024.

Believe I will have capital gains to report.

What tax year will I have to report the gain - 2023 when the property sold or 2024 when I received the money?

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1 Reply

What Year Will I have to claim Capital gain from Sale of Property (land)

If the property was sold in 2023 and title to the property changed in 2023 then you report the sale on your 2023 tax return.

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