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pcarl546
New Member

Adding 1099s/Schedule D to 2018 Tax Return

I Inherited a piece of property/land; which I subsequently sold ($10,000) and received a 1099s from the closing attorney. I did not make a profit on the sale however do I need to report it as income? Is Schedule "D" included with 2018 Turbo Tax Home/Business?

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1 Reply
Hal_Al
Level 15

Adding 1099s/Schedule D to 2018 Tax Return

You do need to report it. It goes on form 8949, then to Sch D.

In TutboTax, Type> 1099-s, sale of property other than main home <in the find box. Then "jump to".

Answer no, when asked if you received a 1099-B and follow the interview. 

Your cost basis in inherited property is the fair market value (FMV) on the date of death of the decedent.  Vacant land is treated as investment property; meaning any capital loss id deductible.

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