Answered. Uh oh - it is Tax Time- please HELP.

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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Dottie57
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Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Answered. Uh oh - it is Tax Time- please HELP.

Post by Dottie57 »

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.
Last edited by Dottie57 on Sun May 16, 2021 4:16 pm, edited 2 times in total.
lazynovice
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Re: Uh oh - it is Tax Time- please HELP.

Post by lazynovice »

Topic Author
Dottie57
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Joined: Thu May 19, 2016 5:43 pm
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Re: Uh oh - it is Tax Time- please HELP.

Post by Dottie57 »

lazynovice wrote: Sun May 16, 2021 3:42 pm Looks like Schedule D:

https://www.irs.gov/faqs/interest-divid ... heritances
Thanks!
Gill
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Re: Answered. Uh oh - it is Tax Time- please HELP.

Post by Gill »

You can treat the basis equal to the proceeds and therefore realize a loss on the sale because of the expenses of sale.
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
Jablean
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Re: Answered. Uh oh - it is Tax Time- please HELP.

Post by Jablean »

really easy to just apply for extension until October also.
j.click
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Joined: Thu Jul 24, 2014 6:11 pm

Re: Answered. Uh oh - it is Tax Time- please HELP.

Post by j.click »

But you still have to pay estimated taxes due by May 17.
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