Client's mother passed away leaving 4 unused burial plots. The plot certificates were found while going through all the paperwork after she passed. The plots were purchased many years ago for several thousand dollars. Client can't seem to give them away. He would like to simply pay what he can determine is the FMV based on recent sales on the online sites he has researched (couple hundred max). Then he would simply try to sell them on his own. My question is are the plots considered real property and all the tax implications thereof? Or are they personal use and the sale generates an unreportable tax event - no gain or loss unrecognized?
I know everyone is super busy right now and I appreciate any response many times over!