Does anybody know what IRS form and publication that would be?
Q.My mother is about to sell some land that she inherited (from my grandmother). I believe that she will be getting about $100,000 for it. when it comes time to pay the taxes on the land sale in April I assume, along with the rest of the taxes , I assume there must be a special form of some kind that my mother will have to file, having to do with capital gains instead of regular income. Does anybody know what IRS form and publication that would be? I'd like to point my parents in the right direction on how to deal with the taxes on this land; I'd hate to see them pay out more than they have to.
A.This land appears to have been held as an investment. Report the sale on Schedule D. Put the transaction the the Long Term section and put "inherited" where it asks for date of acquisition. For more information, see Publication 544, Sale and Other Dispositions of Assets. I hope this helps.
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