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voiceofthesilenc
New Member

If I partially inherit land and a business along with other family members, do I have to report this somehow, if so, how?

 
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IreneS
Intuit Alumni

If I partially inherit land and a business along with other family members, do I have to report this somehow, if so, how?

Inherited property is not taxable, so you don't have to report it on your tax return.

When you go to sell the business or land, you may be taxed on the sale.

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IreneS
Intuit Alumni

If I partially inherit land and a business along with other family members, do I have to report this somehow, if so, how?

Inherited property is not taxable, so you don't have to report it on your tax return.

When you go to sell the business or land, you may be taxed on the sale.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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