Property sold that was "inheritance"

[funder]

What is the name of your state? MI

I think I need to file an amendment to our income taxes. Filed and did not include $$ ($17,000) which was from the sale of land that was passed to me in 1970 from death of parent. It totally slipped my mind that this might be "income." My sister called and asked me this question as she was doing her taxes tonight and she has the same situation.

Any comments will be appreciated, as long as they're not mean. Funder

 

[LdiJ]

What is the name of your state? MI

I think I need to file an amendment to our income taxes. Filed and did not include $$ ($17,000) which was from the sale of land that was passed to me in 1970 from death of parent. It totally slipped my mind that this might be "income." My sister called and asked me this question as she was doing her taxes tonight and she has the same situation.

Any comments will be appreciated, as long as they're not mean. Funder

Yes, you do need to amend your return and you need to try as hard as you can to amend the return before April 15th. If you can amend your return and pay any tax due prior to April 15th, you will not incur any penalties or interest.

You will owe capital gains tax on the difference between the value of the land when you inherited it, and the sales price (minus selling costs).