vacant land

I live in Michigan and sold a vacant lot that I inherited. What will I need to do when filing my taxes?

posted

You will need to report the sale of the inherited property on your tax return.

You may receive a 1099-S reporting the proceeds of the sale. You still need to report the sale even if you do not receive the form.

Your cost basis for the property will be the Fair Market Value of the lot at the time of death. The sale amount will be the amount the lot sold for less any sales expenses.

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I've been capitalizing rather than deducting property taxes on vacant lots according to 1.266-1. I have sold the properties, what form do I fill?

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