In her will, Susan Voss (see item 10) left Jenni a vacant lot on Wright Street. Susan had paid $15,000 for the property, and it had a value of $19,000 when she died. Susan had purchased the lot because it was adjacent to Northern Michigan University property and she expected the school to eventually expand the campus. By 2018, it has become clear that the University does not have the funds to expand the campus. Consequently, on July 1, 2018, Jenni sold the lot for $19,000. Not included in this price are unpaid property taxes (and interest on the unpaid taxes) of $700 on the lot, which the purchaser assumed and later paid. Form 1099B did not report the basis of this property.

How would this be presented on a tax return? What expenses would be included/excluded and what income would be recognized? United States Tax Laws