About 10 years ago a man owned a piece of property in southern central Florida. He paid $16,000 for the land that was supposed to be part of a new community. Nothing developed and the land became almost worthless. He could have sold it for about $2000. He had a handicapped child and was seeking help from the state but couldn't get it because he owned this land. So he GAVE it to my client. So his basis of $16,000 became her basis in the land.
She sold it in 2005 for $24,000 and gave $8000 to the man that gave it to her. Is there any way to add the $8000 to her basis something so that she doesn't have a gain of $8000 on her tax return.
I probably already know the answer but I thought some of you really smart people out there may have some reasonable argument for this. (She didn't get a 1099 for the $24000.)
Thanks
Linda F
She sold it in 2005 for $24,000 and gave $8000 to the man that gave it to her. Is there any way to add the $8000 to her basis something so that she doesn't have a gain of $8000 on her tax return.
I probably already know the answer but I thought some of you really smart people out there may have some reasonable argument for this. (She didn't get a 1099 for the $24000.)
Thanks
Linda F
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