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We inherited a home in 2004 and sold in 2017 for $40,000 over the 2004 value. It was not used as rental property. Which federal forms must I submit for estate tax?

Forum|Forum|7 years ago
June 3, 2019
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Best answer by Phillip1

This is not an estate tax issue on the federal level (and most likely not on the state level either). You will have a long term capital gain that will be reported on IRS Forms 8949 and Schedule D. TurboTax, generally will apply federal income automatically to the state return without any additional return entries, if there are any additional entries needed TurboTax will guide you through those entries.

The federal estate tax return (if required) would have been filed before the inheritance was passed to you.

P

Phillip1Answer

Employee

This is not an estate tax issue on the federal level (and most likely not on the state level either). You will have a long term capital gain that will be reported on IRS Forms 8949 and Schedule D. TurboTax, generally will apply federal income automatically to the state return without any additional return entries, if there are any additional entries needed TurboTax will guide you through those entries.

The federal estate tax return (if required) would have been filed before the inheritance was passed to you.