Inheritance I sold?

[Fred_And_Wilma]

I inherited mineral rights from my deceased husband's family in a state different from mine.  I sold the mineral rights.  How do I claim the money I sold them for on my income taxes?

[JulieS]

Yes, you have to report the sale on your tax return, but you may not owe any tax because of it. 

Here's how to enter it on your tax return:

1. Sign in to TurboTax. 
2. Select Income & Expenses.
3. Select Pick up where I left off or Review.
4. Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other, which is under Investments and Savings. 
5. Answer the first question Yes, or if you already have sales here  select Add more sales.
6. Select Enter a different way.
7. Select the Other tile, then Continue.
8. Enter Mineral rights as the name, then select Continue.
9. For type, select Other.
10. Answer I inherited it to How did you receive this investment?
11. For the next few boxes enter the information about the sale. 
12. For Fair market value when previous owner passed away, enter the value on the date of death, unless an estate has established an alternate valuation date. 
13. Select Continue.