TurboTax FAQ
TurboTax FAQ
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Do I need to report inherited property or land?

Only if you sold or rented it out.

For example, if you inherited a chunk of land worth $25,000 and are just sitting on it, there's nothing to report.

But if you lease it and are collecting payment, you'd report the income, and if you sold it, you'd report the gain or loss from the sale as a capital gain or loss on Schedule D.