[donnarod]

If I sell property for $10,000 but actually only clear $7900 after fees how much do I claim on taxes

[Fr_Chuck]

What type of property ?

Where is this property located

Where do you live ?

[donnarod]

Just a piece of land-located in Keeler CA - I live in southern CA

[eawoodall]

The place you pay your property taxes cannot give you legal advice.

However, that being said, they should know the answer to your question.

They deal with it all day long. And they should be able to help you do what is right, and keep you out of trouble, if they are truly a public servant, or work for one, since whoever collects property taxes does so for a government, they are elected.

So go down there or call them on a phone. If the person behind the counter or who answers the phone will not help you, ask for who was elected or appointed and is in charge of this office so that you can do what is right, and keep out of trouble! If they won't help, call the newspaper, and make sure and start a letter writing campaign, try to get someone else in that position because you do not need politicians who are so corrupt they will not see that honest people can be shown what is right. If they do not know what the answer is, then then do not need to be in charge, and if they are trying to cause people problems and trip you up so they can set you up and convict you of a crime, they are unreasonable or wicked or both.

[joypulv]

Real estate is also called real property. Fees are deductible. If there was nothing done to the land to add or subtract from it's basis ('adjusted basis'), then you just subtract the fees from the sold price to get the 'amount realized' and then subtract the basis to get the gain or loss. You can use Schedule D.
The basis is what you paid for it, or it's fair market value when you acquired it without cost (inheritance, etc). If you don't know the FMV back then, you have to find out, from the previous owner or the tax office.
You could read IRS.gov 'gains and losses' or get Pub. 17 from any PO.

[JudyKayTee]

the place you pay your property taxes cannot give you legal advice.

however, that being said, they should know the answer to your question.

they deal with it all day long. and they should be able to help you do what is right, and keep you out of trouble, if they are truly a public servant, or work for one, since whoever collects property taxes does so for a government, they are elected.

so go down there or call them on a phone. if the person behind the counter or who answers the phone will not help you, ask for who was elected or appointed and is in charge of this office so that you can do what is right, and keep out of trouble! if they won't help, call the newspaper, and make sure and start a letter writing campaign, try to get someone else in that position because you do not need politicians who are so corrupt they will not see that honest people can be shown what is right. if they do not know what the answer is, then then do not need to be in charge, and if they are trying to cause people problems and trip you up so they can set you up and convict you of a crime, they are unreasonable or wicked or both.

I think this person is asking about INCOME taxes. You don't pay additional taxes when you sell property, at least in my area.

As far as the rest of your advice, please answer the question as it's posted. You answer is totally off point and irrelevant.

[AtlantaTaxExpert]

You report the sale of real property used for personal use on Schedule D.

You deduct the original COST of the land, plus any fees imposed when selling the land (sales costs), from what you got when you sold it.

The difference is what is reported as a capital gain and is taxed accordingly.