Where do I report the the sale of an inherited business that was sold immediately after death?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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Business was a CPA practice that was sold to my dad's former business partner. He told me that it is reportable but not taxable since it was inherited. Where is it reported?

TurboTax Deluxe Windows

Best answer by DavidD66

You will report that in the same section that report stock and other investment sales. To enter:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment income (gains and losses)"
On the page with "Did you sell any investments in 2018?" Answer Yes
Answer No to "Did you get a 1099-B..."
On the "Choose the type of investment you sold" Indicate "Everything Else"
Indicate "Inheritance" for "Tell US How You Acquired This Property"
The interview will walk you through entering the details of the sale

DavidD66Answer

Level 15

You will report that in the same section that report stock and other investment sales. To enter:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment income (gains and losses)"
On the page with "Did you sell any investments in 2018?" Answer Yes
Answer No to "Did you get a 1099-B..."
On the "Choose the type of investment you sold" Indicate "Everything Else"
Indicate "Inheritance" for "Tell US How You Acquired This Property"
The interview will walk you through entering the details of the sale