Form 4797 and Schedule D

[JacquiB]

Purchased Turbo tax premier- I received income from sale of farm that was inherited.  Where do I find Schedule D and Form 4797 to add this information?

[DianeW777]

TurboTax Premier will handle your inherited sale. The sale of your inherited farm is reported as you indicated, on Schedule D.  If you never used the farm yourself, then 4797 would not be needed. This will be a sale of investment property. You cost is the value on the date of death.

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

1. Open or continue your return.
2. Navigate to the investment sales section as follows:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
4. Be sure to select 'Inherited' as how you received this investment because TurboTax will know it should receive long term holding period treatment.
5. See the image below for more details.