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.

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1 Best answer

New Member

Jun 4, 2019 9:28:41 PM

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.

New Member

Jun 4, 2019 9:28:41 PM

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.

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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?