Selling vacation property. In approx. 1996 my wife and I purchased some bare land at a local lake for 8500.00.
We had a septic system and water installed for 1800.00.
Installing electric set us back 500 bucks.
We moved a mobile home we had previously purchased for 5,000 onto the land at a cost of 900.00
We put in a front and rear deck/porch for about 2100.00
Had a gravel driveway and a ravine filled in for 700.00
Sadly we kept no receipts for any of this.
We are now selling the property.
What is the basis value of the property for tax purposes?
Thanks for your time... |