What is the name of your state? Georgia
In March 2001, my mother deeded 2.536 acres of land to me. I did not pay anything for this land other than lawyer expenses and a $1.00. As far as I know, my mother did not pay any “gift” taxes on the land that year. The history of the land is as follows. My great grandmother was deeded/given the land back in the early 1920’s when her husband passed away. In the 1970’s my great grandmother gave my mother about 3 acres of land. Again, no monies where exchanged between my mother and great grandmother. In November 2005, I sold the 2.536 acres of land for $45000. So, my question is how do I claim this on taxes (i.e. what should I use as my cost basis)?
In March 2001, my mother deeded 2.536 acres of land to me. I did not pay anything for this land other than lawyer expenses and a $1.00. As far as I know, my mother did not pay any “gift” taxes on the land that year. The history of the land is as follows. My great grandmother was deeded/given the land back in the early 1920’s when her husband passed away. In the 1970’s my great grandmother gave my mother about 3 acres of land. Again, no monies where exchanged between my mother and great grandmother. In November 2005, I sold the 2.536 acres of land for $45000. So, my question is how do I claim this on taxes (i.e. what should I use as my cost basis)?