Inherited land in Michigan in 1975. Have no idea what original cost was. Sold it in 2023. Price was divided between siblings. How do I do original cost ?

[delfardello]

sold inheirited land in 2023. have no idea what the cost was orig

[ee-ea]

Use FMV --Fair Market Value-- of the land when you inherited it in 1975 as cost.  Sales price minus cost is taxed gain.

[PatriciaV]

Although you inherited this land many years ago, there are a few potential sources of information that may help you determine your basis in the property.

• The estate may have filed a tax return. The executor should have a copy, or the accounting firm that prepared the return, or you can request it from the IRS.
• The county tax records may have an assessment for the year you inherited the property.
• A real estate appraiser may be able to do a "historical" look-back valuation for that year.

Whichever you choose, it will be an estimate. But you can use it as support for whatever value you claim.