1040-SR (Web-based) | How to Report the Sale of Inherited Property

To report the sale of inherited property, follow the steps below:

1. From the left-side widget, go to Federal Section > Income, then choose Schedule D/Form 8949

Open

2. Choose Capital Gains and Loss Items

Open

3. Enter the information as follows:

• Description of Property: Enter a description of the property sold.

• Date Acquired : Select Alternate Option then select "Inherited - Long-Term" from the drop-down menu.

• Date Sold: Enter the date the property was sold.

• Sales Price: Enter the sales price.

• Select cost basis type: Select "Did not receive Form 1099-B"

• Cost: Enter the fair market value