Property Value of Land?
Clarence wants to sell 17 acres of his land. How can he determine the property value when he purchased the land so they know how to calculate capital gains?
ANSWER: Finding out how much you owe for capital gains will require you to find out the property value when you inherited the property subtracted from its current value.
To find the property value at the time you inherited it, you should go to the courthouse where deeds are recorded. Find other properties around your property and check out their value from the time period you’re looking back on. That should give you a good enough idea of how much you’ll owe for capital gains taxes