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I inherited a vacant lot about 20 years ago. The city has carried it on the tax roles at $12,000.00. Will I have to go back to the probate court to find my basis in the property, or can I assume the $12,00.00 to be reasonable?
I have now sold the lot for $10,500.00, payable at $3500.00 a year for three years. Do I have a loss or an installment sale. Or Both? Or what? I couldn't get much help from the IRS hotline.
Thanks much, Joe
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