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Do I need to report inherited property or land?

SOLVEDby TurboTax509Updated 2 weeks ago

Only if you sold or rented it out.

Example: You inherited a chunk of land worth $25,000 and aren't using it to earn income. There's nothing to report.

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

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