Question

Taxes on sold land

Forum|Forum|1 year ago
March 11, 2025
1 reply
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I inherieted land in OK, and live in Texas. I sold my Mineral Rights several years back and paid the taxes on that sale. last Year I sold the land, for $13,000 to another party. Do I owe taxes on this sale? The Land Developer does NOT issue 1099's.

Thanks in advance?

D

DavidD66

Whether or not there was a taxable gain on your land sale depends on what your cost basis in the land was. Since you inherited the property, you cost basis was the value of the land at the time you inherited it. Since you previously sold the mineral rights, you cost basis would have been reduced by the proceeds you received from that sale. Since the land was located in Oklahoama, you will need to file an Oklahoma non-resident tax return. To report your land sale in TurboTax Online:

While working in your return:

In the income section, Select Investments and Savings....
On the page "Did you have investment income in 2024?" Answer Yes. Or click on "Add Investments"
On the page "Let's Import your tax info" click on "Enter a different way"
Select "Land" on the OK let's start with one investment type
Enter the name of the real estate broker. Click Continue
For investment type, select "Land (other investment purpose) Unless the land was personal use.
Indicate that you inherited the property
Enter the details for your sale