Yes, you do have to report the sale of your inherited
property. Your gain or loss on the sale
will be calculated by subtracting your cost basis in the property from the
sales proceeds.
- Report your sale under Less Common Business Situations, under Sale of Business Property.
- On the Screen Any Other Property Sales, check Sales of Business or Rental Property that you haven't already reported.
- On Sales of Business or Rental Property click No, because you didn't sell at a profit.
- On Sale of Other Business Property say Yes.
- Continue to enter your description, cost basis, and sales information.
I entered a sale for an inherited farm, with an inherited value of $50,000 and a sales price of $30,000.
[Edit 04/04/2018 12:33 PM]
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