sale of inherited property - not rental

[arthuryeh]

I sold a raw-land property in another State 2024.  The property was inherited from my Father upon his death many decades ago.  As part of the 2024 sale, I paid the State Capital Gains tax.  I think I have to pay Federal Capital Gains and trying to figure out how to do that in TurboTax Desktop.  Any advice?

[DavidD66 · Accepted solution]

You enter the sale in the same section where you would enter the sale of stocks or bonds.  To enter:

• Type "Investment sales" in the search window and click Enter
• Click on "Jump to Investment sales"
• On the page with "Did you have investment income in 2024?"  Answer Yes
• On the Import your data now page, click on "Skip Import"
• On the page with "OK, let's start with one investment type" select "Other"
• Enter the name of the person or entity that brokered the sale (you can leave this blank)
• On the "Now enter one sale..." Select either "Land..."  either personal use or other investment purpose, depending on how you have used the land.
• Enter the details of the sale

[pbryon13]

I inherited a condo from my sister in law. I immediately sold the property. I've received a form 1099-S from the Title company, reporting the transaction to the IRS. I can't figure out how to enter this transaction into Turbo Tax. Please help.

[arthuryeh]

I received a substitute 1099-S that breaks down my costs. 

[arthuryeh]

Thank you.

[PatriciaV]

The instructions posted by DavidD66 in this thread should be used to report the sale of inherited property. You'll need the information from Form 1099-S to complete your entries.

@pbryon13