Do I report proceeds recd if property intended for inheritance was sold? [ATTACHMENT REMOVED]
Uncle still living, father dead so portion came to me. Uncle decided to sell. I have no tax document only settlement statement from title company.
01302
1 Replies
xboblue416
New Member
Jun 6, 2019 12:07:26 AM
inherited property receives a step up in basis. if your name is on the deed, you must report proceeds, however your stepped up basis should reduce any gain related to inheritance.