posted

Do I need to report an inherited home that is used for main residence?

1 Best answer

Accepted Solutions

Do I need to report an inherited home that is used for main residence?

No, if you inherited a home, keep record of the Fair Market Value of the property on the date of death. This will become your basis of the property should you ever sell it.

View solution in original post

1 Reply

Do I need to report an inherited home that is used for main residence?

No, if you inherited a home, keep record of the Fair Market Value of the property on the date of death. This will become your basis of the property should you ever sell it.

Found what you need?

Already have an account? Sign In

(4.6/5 | 291,310 reviews)

Top help articles

view all

How do I clear and start over in TurboTax Onli...

TurboTax 2022 Online product guide

How do I fix e-file reject F8962-070?

Still have questions?

Make a post

Or browse the Forums

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Quick links

First Time Here?

Community Do's & Don'ts

Upcoming Events

Ready to file your taxes?

Estimate your tax refund and where you stand

Meet your expertsAll Experts >

Employee Tax Expert

BBA- Specialization: Accounting, MBA- Specialization: Asset Management, EA

Employee Tax Expert

I am an Enrolled Agent. I worked for the I.R.S. for 33 years. I spent my last 11 years at the I.R.S. in Mand...

Employee Tax Expert

Enrolled Agent

Employee Tax Expert

CPA

Employee Tax Expert

EA with 18 years of tax experience.

v