Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
chewbacco7
New Member

If I sold an inherited business license where do I enter in turbo deluxe?sale was below market value, inherited in 2014 which I did not report in turbo deluxe do I amend?

I did not know that this license was sellable until 2016. I did not report it in 2014 because I thought it had no value.

1 Best answer

Accepted Solutions
RichardG
New Member

If I sold an inherited business license where do I enter in turbo deluxe?sale was below market value, inherited in 2014 which I did not report in turbo deluxe do I amend?

An inheritance is not taxable income, so there was nothing for you to report in 2014.  There's no need to amend the 2014 tax return.  

Your basis in the license is its fair market value in 2014 when the prior owner died.  If you sold it for less than that amount, you have a long-term capital loss.

View solution in original post

1 Reply
RichardG
New Member

If I sold an inherited business license where do I enter in turbo deluxe?sale was below market value, inherited in 2014 which I did not report in turbo deluxe do I amend?

An inheritance is not taxable income, so there was nothing for you to report in 2014.  There's no need to amend the 2014 tax return.  

Your basis in the license is its fair market value in 2014 when the prior owner died.  If you sold it for less than that amount, you have a long-term capital loss.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v