Question

Question on Selling Undeveloped Land and What is The Value

Forum|Forum|6 years ago
March 11, 2020
1 reply
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I inherited undeveloped land from my dad in 2011. At that time the property tax value was $130,100 and the current tax value at selling was $130,300. I sold it this year for $275,000 and received $251,000 after closing.

In 2011 at his death I have no idea what the land was worth and did not do an appraisal.

My realtor could not give me a good answer on it.

How do I determine what my capital gain will be since I didn't know the appraisal value in 2011 and it was inherited?

thanks...

Jimmy Long

Not A Product Question

J

JulieS

You can use the property tax value in 2011, if that is the only figure you can document.

You may be able to get information about the comparative sales value from the property appraiser in the county where the land is located. Typically the property tax value is less than the fair market value and in some areas, there is a set formula used.

You may be able to get a bulk appraisal value from a real estate website, or by searching comparable sales in 2011 in the same area.

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