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I was left land from my husband and father in law when they…

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I was left land...

I was left land from my husband and father in law when they passed away I am 68 years old I need to know if I sell this land how will taxing work

Accountant's Assistant: What is their retirement age?

What do you mean they are both dead

Submitted: 2 months ago.Category: Tax
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5/29/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I will provide my response to you in the next thread(s).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago

The sale of the land is similar to the sale of real property. First you will need to determine the cost basis of the land, which will be the fair market value of the land on the date of death of the last surviving person (your husband, or father-in-law). Once you determine the cost basis, you can determine if you incur a gain or a loss. If you sale the land for more than the cost basis, you incur a gain and will be required to pay capital gains tax on the amount of proceeds that exceed the cost basis. If you sale the land for less than the cost basis, then you incur a loss and no tax has to be paid. Gain or loss, the sale must be reported the Form 8949 and the Schedule D. If you end up paying capital gains tax, it will more than likely be 15%. For more general information on how capital gains work, refer to the following link;

https://www.irs.gov/taxtopics/tc409

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