What is the name of your state? massachusetts
My mother inlaw passed away 10 years ago and set up a trust of land. This past year we sold a piece for $150,000.00 and built a house on another piece , total cost of building house was 250,000.00. Is this considered capital gains and if so can we deduct any of the house costs/
My mother inlaw passed away 10 years ago and set up a trust of land. This past year we sold a piece for $150,000.00 and built a house on another piece , total cost of building house was 250,000.00. Is this considered capital gains and if so can we deduct any of the house costs/