The sale is reportable on your federal return, but it may not be taxable. Gain (if any) would be computed on the increase in value from the time you inherited the property until it's sale.
Enter under the investment section.
To navigate to the section:
- In your open return,
select My Account
- Tools
- Topic Search
- Type 'investment
sales' in the box, then select GO
On the page, Choose
the type of investment you sold, select the radio button for land and
continue to enter the property information and your proportionate share of the
sale proceeds.
On the page, Tell
Us How You Acquired This home, enter Inheritance and
continue to enter the date of inheritance. Enter the FMV of the property on the
date your inherited it (date of death usually). Gain/loss is computed and moved to appropriate form.for
your proportionate share.
Note: If you received a 1099-S for the sale of the
land, make certain the proceeds are recorded for your share only. If not,
contact the payer for a corrected form.
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