I put myself in a pickle by absentmindedly forgetting I need to report inheriting and selling my share of parents house.
My family cleared the house in two months and put it up for sale. It sold immediately. So where do I report the sale? It not my primary house, a rental, or second home. It is just an asset we inherited and liquidated.
Any info on where I should report ( TurboTax), the sale. I don’t expect to pay taxes since there is little to no change in value. We chose to price from a comparable listing from the time my parent died.
Answered. Uh oh - it is Tax Time- please HELP.
Answered. Uh oh - it is Tax Time- please HELP.
Last edited by Dottie57 on Sun May 16, 2021 4:16 pm, edited 2 times in total.
-
- Posts: 3369
- Joined: Mon Apr 16, 2012 10:48 pm
- Location: Denver area. Former Texan.
Re: Uh oh - it is Tax Time- please HELP.
Thanks!lazynovice wrote: ↑Sun May 16, 2021 3:42 pm Looks like Schedule D:
https://www.irs.gov/faqs/interest-divid ... heritances
Re: Answered. Uh oh - it is Tax Time- please HELP.
You can treat the basis equal to the proceeds and therefore realize a loss on the sale because of the expenses of sale.
Gill
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
Re: Answered. Uh oh - it is Tax Time- please HELP.
really easy to just apply for extension until October also.
Re: Answered. Uh oh - it is Tax Time- please HELP.
But you still have to pay estimated taxes due by May 17.