Question

How to record Sale Investment property that wasn’t developed into turbo tax business for an estate

Forum|Forum|6 years ago
February 29, 2020
1 reply
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First time dealing with this and I am looking for some instructions on how enter the sale of property that was sold from my mom’s estate this past year. The property was bought as an investment in 1976 and never developed.
What do I need to enter?
what can I deduct and where do you enter it? This does not seem to be something that Turbo tax has a category for so I’m trying to figure out out to fit it in.
I would appreciate your input.

TurboTax Business Windows

A

Anonymous_

Enter the transaction in the Business Taxes tab>>Income>>Stocks, Mutual Funds, Bonds, Other.

Indicate that the land was acquired from a decedent and that there was "No financial institution".

The estate can deduct costs associated with the maintenance and preservation of the property, but most likely that will be limited to property taxes paid during the estate's tax year.