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I have a question about some land that we sold in 2016. It

Customer Question
was inherited by my husband...
I have a question about some land that we sold in 2016. It was inherited by my husband after his father passed away. We never actually lived there so it was never a residence. How exactly do I file this?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: The land was a land grant to the family in the 1800s so no money was ever paid for the land. It was inherited jointly by my husband and his sister and when it sold they split the money. Our portion of the funds have been reinvested into building a new home for ourselves.
JA: Is there anything else the Accountant should be aware of?
Customer: Not that I know of.
Submitted: 7 months ago.Category: Tax
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Answered in 18 minutes by:
4/18/2017
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 162
Experience: Partner at Michels & Hanley CPAs, LLP
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Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue today. Enter the total from the Form 8949 that includes your vacant land sale, along with the totals of any other Forms 8949 required for your particular tax situation. Transfer the sum total gain or loss from Schedule D to your Form 1040. Include Form 1040, Schedule D and all copies of Forms 8949 with your tax return. The basis of property would be $0.

My goal is to provide you with excellent service. If you're satisfied with my assistance, your 5-star rating at this time is appreciated. If you have any further questions, don't hesitate to ask!

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Customer reply replied 7 months ago
We never received a form 8949
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

8949 is a tax form needed to be prepared and completed with your personal return. You would include the information relating to the sale for the land on this form including the description of the property (land) and the date acquired, date sold, proceeds (sale prices) and cost basis. Since it was held for more than a year it would be a long term capital gain.

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Customer reply replied 7 months ago
Where can I locate the form?
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

Are you using a tax software? If not I have attached the file.

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Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago
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Customer reply replied 7 months ago
I am using turbo tax
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

There should be an area to include the "disposition of assets" during the interview screens.

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Customer reply replied 7 months ago
would it be under the income section? I am looking there and under miscellaneous forms and don't see it.
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

Yes, it would be under the income section. perhaps called "dispositions" or "disposals". It will flow to Schedule D. Perhaps there is a way to work backwards from Schedule D.

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Customer reply replied 7 months ago
I found it, thanks. One last question. When is says to report the net proceeds, would that include closing fees etc. or should I subtract those out? We didn't get the 1099 so I'm not sure.
Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

Include the proceeds less any closing costs. IF you sold it for $100,000 and there was $5,000 in costs then report $95,000.

I hope I’ve provided the information you were seeking. If you are happy with my service, your 5-star rating at this time is most welcome. If you need more help, please let me know so l can continue to assist you.

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Tax Professional: Brian Michels, Certified Public Accountant (CPA) replied 7 months ago

I wanted to follow up and see if you had any further questions. If you have questions I am happy to assist. If you have no further questions I would greatly appreciate your 5 star rating so I receive credit for my responses. Thank you.

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Brian Michels
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
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