@djsult wrote:
I inherited property in 2020 from a friend. He left me no money or insurance. I was the sole heir and Executrix. It took me 25 months to sell it. I paid ALL the bills for 25 months....
What type of property, exactly, did you inherit? If the property were being held for business use or the production of income (e.g., rental property), then you should have been deducting expenses each tax year accordingly. Otherwise, it would be too late to deduct the expenses at this point (unless you want to file amended returns).
The sale of business property would be reported on Form 4797.
The sale of property held for personal use would be reported on Form 8949 (if you have a gain, it would be taxable while a loss would not recognized).
