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jlbielefeldt
February 26, 2022
Question

Do I have to claim the earnings from sale of undeveloped land inherited from parents? Is it Misc. Income? Capitol Gain / Loss? Do I have to claim it?

  • February 26, 2022
  • 1 reply
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Sale of inherited, undeveloped land purchased in1950's by parent. I sold for $17000.  At 1 time offered $60,000.   Do I claim?  if so, where?

1 reply

A
AnnetteB6
February 26, 2022

Yes, you will need to report the sale of the land on your return.

 

It will be entered as a sale of an investment where it will be reported on Schedule D subject to capital gains or a capital loss.

 

The proceeds of the sale will be $17,000.  Your basis in the property is its fair market value as of the date of death of the person from whom you inherited the property.

 

Take a look at the following TurboTax article for detailed steps to enter the details of the sale:

 

Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?

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