Sold land to buy a home and want to deduct the down payment if possible
In 2021, I sold land that I inherited and used part of the proceeds for a down payment on a home. Can I use that to offset the tax on the sale of the land?
In 2021, I sold land that I inherited and used part of the proceeds for a down payment on a home. Can I use that to offset the tax on the sale of the land?
No,
but remember that your basis in the land is the Fair Market Value on the date you inherited it.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.