Sold land

[filmbuffy]

What is the name of your state (only U.S. law)? NH

Recently I sold a strip of land, a 1099 was filed at time of sale; what I'd like to know is what do I need to do, if anything, prior to filing my 2011 taxes?

 

[FlyingRon]

Was their a capital gain?
Was this a property subject to depreciation deduction (whether you took it or not)?
You might want to consult a tax professional when filing this year's taxes.

 

[davew128]

Was their a capital gain?
Was this a property subject to depreciation deduction (whether you took it or not)?

Land doesn't depreciate.

 

[HomeGuru]

Land doesn't depreciate.

**A: huh, I depreciated my volcano land in Hawaii and sink hole property in Florida.

 

[FlyingRon]

Land doesn't depreciate.

Correct. The land itself is not subject to depreciation. If there were structures, they might.