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Celery63
February 5, 2021
Question

How do I determine cash basis for 98 acres land and home purchased 35 years ago? Should I use last tax assessment?

  • February 5, 2021
  • 1 reply
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1 reply

Kat11_2
Kat11_2
Employee
February 5, 2021

The "basis" would be the price paid at the time it was purchased, 35 years ago.   

 

Added after original post:  Your cost basis would also include any improvements made to the home since purchase.

 

What exactly is your situation with this property?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
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