We sold the property for just what we put in it and just wanted to know what the tax rate would be or where this goes on the tax forms?
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You only have to pay income tax if you sell it at a profit (capital gain). Depending on what the property was used for, you may be able to claim a capital loss . If the property is considered investment property (as most vacant land is) you can deduct the capital loss.
The sale goes on fedearl form 8949 and Schedule D. If you have no profit, it does not need to be reported to KY. If you do have a gain, you will have to file a KY return, but OH will give you a credit for any tax paid to OH
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