My state is Virginia.
I owned 1/6 interest in a family home & land (since 1993/1995). We sold the majority of the land and I bought the other 5/6 shares of the remaining land and house from the other family members. This home/land is my "second" home.
Will I have to take the "capital gain" (from when my mother passed away in 1995 to the sale in 2005 - which is about $6,500.00) and pay taxes on that or can I offset this with the fact that I purchased the house/land with that sale (and additional cash) from my other family members?
There were 2 actual sales and deeds. I received a 1099-s on the sale of land, but I did not do anything about the purchase since it was between family members.
Thank you!
I owned 1/6 interest in a family home & land (since 1993/1995). We sold the majority of the land and I bought the other 5/6 shares of the remaining land and house from the other family members. This home/land is my "second" home.
Will I have to take the "capital gain" (from when my mother passed away in 1995 to the sale in 2005 - which is about $6,500.00) and pay taxes on that or can I offset this with the fact that I purchased the house/land with that sale (and additional cash) from my other family members?
There were 2 actual sales and deeds. I received a 1099-s on the sale of land, but I did not do anything about the purchase since it was between family members.
Thank you!