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

[davenelson100]

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?

[DDollar · Accepted solution]

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