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Where do I report the the sale of an inherited business that was sold immediately after death?
Business was a CPA practice that was sold to my dad's former business partner. He told me that it is reportable but not taxable since it was inherited. Where is it reported?
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June 3, 2019
10:17 AM
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Business & farm
You will report that in the same section that report stock and other investment sales. To enter:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment income (gains and losses)"
- On the page with "Did you sell any investments in 2018?" Answer Yes
- Answer No to "Did you get a 1099-B..."
- On the "Choose the type of investment you sold" Indicate "Everything Else"
- Indicate "Inheritance" for "Tell US How You Acquired This Property"
- The interview will walk you through entering the details of the sale
June 3, 2019
10:17 AM