KrisD15
Expert Alumni

Deductions & credits

If the mobile home was inherited and then sold soon after, there would be no tax owed on the proceeds. You needn't enter the sale. 

 

There is no tax on inherited property. You get the "basis" of the Fair Market Value on the date of death. If the Mobile Home Park paid 12,000, that can be assumed as the Fair Market Value. 

 

Since your "basis" (cost) is Fair Market Value, and it was sold at Fair Market Value, you have zero gain. 

Only when inherited property is held and sold later at a profit (more than FMV on date of death) could there be capital gain. 

 

Keep any records you have with your tax fie, but you needn't enter anything into TurboTax.

Inheritances 

 

 

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