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Inherited Land
Hi, My father died in 2001 & my mother & 6 siblings & myself inherited some land. My mother died in 2002 & the land was split between us 7 siblings. We inherited close to 15 acres each. The land had no houses, water or electric hookups. We sold the land in 2008. My question is do we have to include any or some of this sale on our taxes? Thank you.
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You will report gain or loss from the sale on schedule D (Form 1040). Your cost basis is the fair market value at the date of death. read: Your U.S. Tax Return: Tax on Inheritances |
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