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April 18, 2022
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Sold land to buy a home and want to deduct the down payment if possible

  • April 18, 2022
  • 1 reply
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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?

    Best answer by KrisD15

    No, 

    but remember that your basis in the land is the Fair Market Value on the date you inherited it. 

    1 reply

    KrisD15
    KrisD15Answer
    April 18, 2022

    No, 

    but remember that your basis in the land is the Fair Market Value on the date you inherited it. 

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    April 18, 2022

    Thank you, @KrisD15 , for your reply.