Do I need to report inherited property or land?

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

English Français
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

Was this helpful?

You must sign in to vote, reply, or post
Dynamic Ads
v
Privacy Settings