Can Form 4797 Guides 2024-2025

Hello, hello, hello! Good morning! First of all, if you're watching this on the replay, make sure you hashtag me so I know you were here. My replay squad is everything! Thank you for watching on YouTube. Let me know who you are and where you're coming from. Also, you can skip ahead about a minute and a half to get to the content. While you're jumping on, I'll be sharing this out to a few of my favorite spots to make sure everything is working. Then we can get started. I'm turning this into a podcast, guys! I've been thinking about it for a while and now I'm finally here. Let me share this and then we can begin. Oops, I hit the wrong button. Okay, let me officially welcome you to the show. Welcome to Tax Talk with the Fundraiser Everett. I am the hone, this tax lady. My help home business owners win the tax game. Tax Talk airs Monday through Friday at 9:00 o'clock ish. When you tune into my show, you'll hear about topics that are important to home business owners. Taxes are not just one thing; they affect your entire life. However, I mainly focus on home business owners. Today, I'll be answering a question about inherited land. Someone in the audience inherited land from her mother and wants to know how she will be taxed on it. There are a few things you need to know. First, your basis. Usually, basis refers to what you paid for something. In this case, since you inherited the land, you didn't pay anything for it. Your basis will be the fair market value of the land at the time of your mother's death. Let's say she paid $20,000 for it originally, and at the time of her passing,...