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L
Looney1966
March 16, 2024
Question

Property Sold

  • March 16, 2024
  • 1 reply
  • 0 views

I sold land that was given to me by my father several years ago.  The land is in IL but I live in TX.  Do I need to file an IL tax return?  The sal of land was $125000 and I have no basis, so 100% profit.

1 reply

V
Vanessa A
March 16, 2024

Yes.  You will need to file a non resident return for IL to report this sale as this would be IL sourced income. 

 

You likely do have a basis in this property even though it was a gift from your father.  Although you cannot take a loss on the gift, you can decrease your gain. You will use your fathers adjusted basis or the FMV at the time he gifted you the property to determine your gain or loss on the sale.

 

Basis of Gifted Property 

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