sale of inherited property - not rental

Forum|Forum|11 months ago
April 7, 2025
2 replies
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I sold a raw-land property in another State 2024. The property was inherited from my Father upon his death many decades ago. As part of the 2024 sale, I paid the State Capital Gains tax. I think I have to pay Federal Capital Gains and trying to figure out how to do that in TurboTax Desktop. Any advice?

Best answer by DavidD66

You enter the sale in the same section where you would enter the sale of stocks or bonds. To enter:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment income in 2024?" Answer Yes
On the Import your data now page, click on "Skip Import"
On the page with "OK, let's start with one investment type" select "Other"
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale..." Select either "Land..." either personal use or other investment purpose, depending on how you have used the land.
Enter the details of the sale

DavidD66Answer

You enter the sale in the same section where you would enter the sale of stocks or bonds. To enter:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment income in 2024?" Answer Yes
On the Import your data now page, click on "Skip Import"
On the page with "OK, let's start with one investment type" select "Other"
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale..." Select either "Land..." either personal use or other investment purpose, depending on how you have used the land.
Enter the details of the sale

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arthuryehAuthor

Thank you.

pbryon13

I inherited a condo from my sister in law. I immediately sold the property. I've received a form 1099-S from the Title company, reporting the transaction to the IRS. I can't figure out how to enter this transaction into Turbo Tax. Please help.