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I sold some land this summer and was told by the realtor that

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they would report it to...
I sold some land this summer and was told by the realtor that they would report it to the IRS. Do I have to report this on my income tax form?
Submitted: 8 years ago.Category: Tax
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Answered in 1 minute by:
4/1/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Yes, you will have to report the sale of the land on Sch D if this was investment land. The gain on sale of the land will be taxed as long term capital gain if you held it for more than a year.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
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