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?

DDollar
Expert Alumni

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

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