Do I need to report inherited property or land? - Community

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Intuit

Do I need to report inherited property or land?

Only if you sold or rented it out.

Example: You inherited a chunk of land worth $25,000 and are just sitting on it. There's nothing to report.

However, if you lease the land and are collecting payment, you'd report the income. If you sold it, you'd report the gain or loss from the sale as a capital gain or loss on Schedule D.

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