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?
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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 residents, part-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.
Related information:
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 residents, part-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.
Related information:
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