Question

Inherited Home

Forum|Forum|4 years ago
April 10, 2022
1 reply
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I inherited a home, turned it into a rental and now sold it. I show the cost basis at time of fathers death 120,000 . Where is the proper place to enter this information? Depreciation Schedule or rental form?

ColeenD3

There is no information as to whether or not you rented in 2021. If you did, enter the information in the Rental Section. If not, enter it in Sale of Business Property.

Full steps for entering rental property:

The first entry for the sale is found during the set-up of the property: Tell us about your situation this year/Click Sold or disposed of property

Next, the asset section of expenses will already be checked:

*Assets

*Sold rental property

Includes info on the property you sold or disposed of. Since we know this applies to you, we've already selected it.

After you click on Asset, you will be asked about the purchase: Tell Us About This Rental Asset
In the screen Tell Us More About This Rental Asset, you will indicate the sale the date of the sale, and the date you began using it for business. You can see the screenshot in a previous answer.
Next: Confirm Your Prior Depreciation
Next: Special Handling Required?
Next Home Sale?
Next: Sales Information. This is where you will be asked about the sales price.