It depends on what you inherited and what happened after you inherited it. Inheriting property or money is generally not a taxable event for your personal tax return. When inherited property generates taxable income, such as interest, dividends, or rent, you report that income. If you sell inherited property, you would report the sale and you may have capital gains to report.
Idaho does not levy an inheritance tax or an estate tax.
Report the sale of an inherited home or home acquired by gift under Wages and Income. Scroll down the screen until you come to the section “Investment Income”
- Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ or click "Add Investment" if you have already worked on this section
- Continue. When you see a list of brokerages for import, click Enter a Different Way
- The next screen has a list of investment types. Click on Other / 1099-S, which includes homes that are not your primary residence
For more information on these topics, please see this IRS FAQ, and this one, as well as this TurboTax tips article on tracking the basis of a property.
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