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Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I sold half my yard. I still own and live in my residence,

Customer Question

I sold half my yard. I still own and live in my residence, which is on the remaining half of the lot. I have owned and lived in the house for more than 10 years. What is my tax responsibility on the income from selling the other half of my property?
Submitted: 7 months ago.
Category: Tax
Expert:  Angie replied 7 months ago.
You will have to establish a basis in the portion of your land you sold. Meaning, how much money you paid for that particular section of property when you bought it. That number subtracted from the amount you sold it for would give you the "gain" on the property and would be reported on Schedule D.
Expert:  Angie replied 7 months ago.
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