capital gains tax on inherited property in wisconsin

shoptalk
shoptalk Member Posts: 2 Newcomer
edited January 15 in State Filing

i inherited land from my parents in 2005 and now i am selling it so how is capital gains figured

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  • RustyL
    RustyL FreeTaxUSA Agent Posts: 22
    edited December 2023 Answer ✓

    Great question!

    In this case, the cost basis of the land will be the Fair Market Value (FMV) of the land when you inherited it, while the sales proceeds will be the amount you sell it for.

    If you don't know the FMV from when you received it, you may need to contact an appraiser to get that information.

    You can enter the sale on the 'Stocks or Investments Sold' page of the 'Income' tab.

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