We inherited land last year and sold it to the other siblings at a loss. How do we file this through TurboTax? /

posted

Your basis for the gain loss computation is based on your share of the Fair Market Value ( FMV) at the time of death of the decedent. If you sold for less than your basis then there is nothing to report. If on the other hand there was a gain in the transaction ( selling to a relative ), then you do have to report the capital gain and pay tax on it.

Does this help or you need more on this subject ?