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How do I calculate my basis for land that I inherited? My…

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How do I calculate...

How do I calculate my basis for land that I inherited?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My commercial land is in escrow and they want me to submit california form 593-E

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The inheritance was from a family estate trust, I have had for 4 months, and sold for 1,006,450

Submitted: 3 months ago.Category: Tax
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Answered in 3 minutes by:
3/21/2018
Tax Professional: Marcia Mitrano,
 replied 3 months ago
Marcia Mitrano
Category: Tax
Satisfied Customers: 62
Experience: Marcia M Mitrano, CPA at Marcia M Mitrano, CPA
Verified

Hello,

The basis would be the fair market value on the date of the decedent's death.

Thank you

Marcia M Mitrano

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Tax Professional: Marcia Mitrano,
 replied 3 months ago

Hello,

Did you have further questions?

Thank you

Marcia M Mitrano

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