Inherited Property has finally sold in Puerto Rico . 15% Taxes where taken out . What form do I need to report and file?

LMGT — Tue, 24 Feb 2026 07:37:53 GMT

Inherited Property has finally sold in Puerto Rico . 15% Taxes where taken out . What form do I need to report and file? The total 15% taken out was $619.56. Amount received After taxes was $3,700.35 . This took place Sept 21 2023.

Re: Inherited Property has finally sold in Puerto Rico . 15% Taxes where taken out . What form do I need to report and file?

AmitaR — Wed, 25 Oct 2023 17:37:23 GMT

Hello LMGT,

Your basis in the inherited property is the Fair Market Value of that property on or near the date of death. If you sold it for less than that amount, that is personal loss and not deductible. If you sold for more than that amount, the gain is taxable. You only need to report it if you have a gain. You will enter it in TurboTax Income section, Investment Income and it will show up on Schedule D. If you had a tax withholding, make sure you obtain a tax document showing that withholding. You will get a credit for the payment.

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Inherited Property has finally sold in Puerto Rico . 15% Taxes where taken out . What form do I need to report and file?

Re: Inherited Property has finally sold in Puerto Rico . 15% Taxes where taken out . What form do I need to report and file?