The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do I owe any capital gains since it was a gift and is less than 14000 gift exemption for me and 14000 for my wife which would make a 28000 total gift exemption?
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Tax questions require jurisdiction to be answerable. Where in the world are you?– yoozer8Mar 30, 2020 at 18:49
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Property was in West Virginia, I live in Idaho.– Jeff H.Mar 30, 2020 at 18:53
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Is the title of the land sold in both your names or just one name?– Morrison ChangMar 30, 2020 at 19:00
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Both of us were on the deed.– Jeff H.Mar 30, 2020 at 19:10
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And you have no property valuation/tax assessment either at or around the time of transfer? Also any improvements to the land (roads, structures) either by your mother or yourself since when it was gifted?– Morrison ChangMar 30, 2020 at 19:25
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