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June 1, 2019
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I live on SS around 10K Parents dies sister was trustee of trust. Land was sold, I received $38K Where do I report that?

  • June 1, 2019
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Searching: "I live on SS around 10K Parents dies, sister was trustee of trust. Land was sold, I received $38K Where do I report that?" All I received was a check from the escrow company

    Best answer by HelenaC

    The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death. The FMV of the property on the alternate valuation date if the executor of the estate chooses to use the alternate valuation.  Per Gifts & Inheritances - IRS.gov

    The sale of inherited land is entered in the investment section of TurboTax. Follow these instructions:

    1. Open your return in TurboTax.
      (To do this, sign in to TurboTax and click the orange Take me to my return button.)
    2. In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.
    3. Answer Yes on the Did You Sell Any Investments in 2016? screen.
      • If you land on the Here's the investment sales info we have so far screen, click Add More Sales.
    4. Answer No to the 1099-B question.
    5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue.
    6. Follow the on-screen instructions to completion.

    1 reply

    HelenaCAnswer
    Employee
    June 1, 2019

    The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death. The FMV of the property on the alternate valuation date if the executor of the estate chooses to use the alternate valuation.  Per Gifts & Inheritances - IRS.gov

    The sale of inherited land is entered in the investment section of TurboTax. Follow these instructions:

    1. Open your return in TurboTax.
      (To do this, sign in to TurboTax and click the orange Take me to my return button.)
    2. In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.
    3. Answer Yes on the Did You Sell Any Investments in 2016? screen.
      • If you land on the Here's the investment sales info we have so far screen, click Add More Sales.
    4. Answer No to the 1099-B question.
    5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue.
    6. Follow the on-screen instructions to completion.