I received $128,000 cash and land which I sold for $67333 as an inheritance in 2017. Where do I report that and do I have topay taxes on it? I live in Michigan.

[hanover1116]

I live in Michigan, my mother lived in Wisconsin

[KrisD · Accepted solution]

You do not need to report the cash inheritance. You only need to report the gain on the house between when you inherited it and when you sold it. If you get a 1099-S for the sale, you can enter it here:

Please open your account and start your return

Click on 

Federal 

Wages & Income

You may need to choose "I'll pick what to work on" and scroll down to "Investment Income"   Show More

Click Start (or Revisit) next to "Stocks, Mutual Funds, Bonds, Other" 

"Did you get a 1099-B?" Click No

"Choose the type of investment.." Click "Everything else" and Continue

Follow the screens to enter the investment information. 

You will need to enter the date and value when it was inherited or purchased.