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Question

Depeciation for land sold

Forum|Forum|11 months ago
April 15, 2025
1 reply
0 views

We sold a property in 2024 that we purchased in 2002 with no improvements. How do I figure that? Do we have to claim it as we are over 50?

Yes, if you sold the property for more than it cost you, you have a reportable taxable gain. If there were no improvements, the basis is whatever you paid for the land in 2002. The difference between that and what you sold it for is your long-term gain. There is no depreciation taken on land. Depending on your income level, your long term gains may not be taxable.

Where do I enter a capital gain or loss?

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