land given to me 1987 and sold it today for 35000. Land is in n.c. Do I have to pay inheritance tax.?

When the land was given to you in 1987 was this really done legally at the court house and you have actually owned the land since 1987 if YES ad if the land has not been used as a business property by you it would be a personal asset that you have owned for more than 1 year and you would report the sale on the schedule D of the 1040 tax form in part II held more than 1 year you will use the information from the 1099 that you would receive for the sale of the land and IF you know what your adjusted cost basis was when the land was given to you in 1987 that amount plus any capital improvement that you have done to the land since 1987 would make up your adjusted cost basis so that you could arrive at the correct amount of your long term capital gain for the sale of this land during the tax year.

You might have to pay some income tax at your marginal tax rate on some of the LTCG when the income tax return will be correctly completed in the tax filing season of the next year after the end of the tax year that the sale will be completed in.

Hope that you find the above enclosed information useful. 08/09/2011

On the date the land was given (inherited?) what was the exact dollar value? For this tax year of 2011 you will have to fill out a Sch D; second section for long term gain or loss-enter description and date acquired and dollar value. Then you put down the dollar amount you received and thus have your long term capital gain or loss. This loss or gain goes in to the mix of figures on your 1040. Go to IRS.GOV and download a Sch D and instructions for exact details on "how to". You don't have any inheritance tax to pay since that was taken care of at the time the property became yours. Any capital gain or loss is all you have to be concerned with.

no the inheritance tax if there was one would have been paid long ago

but now that you have sold it, you will pay cap gains tax on it