It is not an inheritance - your grandfather, according to you, is still alive. You will report that in the same section in which you report stock and other investment sales. To enter:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment income in 2022?" Answer Yes
- On the page with "Did you have crypto income in 2022?" Answer No (you can revisit this section later if the answer is Yes). Then click on Continue
- On the page with "Let's import your tax info" click on "Enter a different way"
- Select "Other" to "OK, let's start with one investment type?" and click Continue
- Enter the name of the person or firm that brokered this sale
- On the page with "Now, enter one sale for _______", for "What type of investment you sold" Indicate "Land (personal use) "
- Indicate "How did you receive this investment?
- Enter the details of the sale, and the interview will walk you through entering the details of the sale
Since your grandfather "gifted" you the property, your tax basis is the same as his tax basis was. So you will need to get that information from him.
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