Brea, CA asked in Real Estate Law for California

Q: I am being offered money for a lot I own. Problem is I have no record of how much I paid for it back in 2003. It's a sma

I am being offered money for a lot I own. Problem is I have no record of how much I paid for it back in 2003. It's a small dirt lot and paid under $1,000 for it. I am being offered more than that. How do I work this in my 2021 taxes when I file if I will have no idea how much I paid in order to calculate the tax on the proceeds? Don't know how to proceed. It was a private sale on ebay and there are no records.

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1 Lawyer Answer
Jonathan Purcell
Jonathan Purcell
  • Licensed in California

A: Real property is normally transferred by a deed that includes a description of property, an assessor's parcel number, and a chain of title in the public record.

Assuming that you have already researched the property in the relevant county, It seems like your 'lot' may be a different type of ownership.

I suggest you hire an attorney to read and explain the terms regarding the sale of the 'lot'.

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