I sold a Rental property 6 months after inheriting it. Turbo tax Premier does not ask me if I inherited it and forces showing that I purchased the asset, which is incorrect. It also forces me to enter a purchase or acquisition date, but I thought the word INHERITED must be entered there instead, to show up on Form 4797. It seems like TurboTax needs to be updated to accommodate this scenario. My entrees end up on Part II of Form 4797 Ordinary Gains and Losses held 1 year or less, and I'm thinking TurboTax should be putting them in Part I as Long term since it is Inherited Property. How can this be done properly?
