I sold inherited rental property held for less than one year.
According to the IRS, inherited property is considered to be held more than one year.
Looks like going through the "Rental Properties and Royalties" section is the right way to enter the sale as it accounts for depreciation, expenses and remodeling costs.
But there is no way to indicate that the property was inherited and thus held long term.
The resulting Form 4797 does not have Part I filled in, and it does not ask for 1099-S information.
How do I enter the sale so that it shows that it is inherited and held long term?
