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    shannahan's Avatar
    shannahan Posts: 10, Reputation: 1
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    #1

    Mar 8, 2009, 09:07 PM
    Schedule D property description
    On Schedule D, how do I describe real property that I inherited and sold? It was personal-use property, and I know that I can't deduct the loss on the sale. Do I need to show the address of the property, or do I just say something like "inherited real estate." I was thinking of listing the address, folllowed by "personal-use real property." Is that sufficient? Turbo-Tax doesn't allow much room for the description -- if it's too long, the words become too small to read without very strong glasses!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Mar 8, 2009, 09:23 PM

    Your cost basis of inherited property is the fair market value at the date of death. For home property, loss is not deductible so you are not required to report the sale.
    shannahan's Avatar
    shannahan Posts: 10, Reputation: 1
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    #3

    Mar 8, 2009, 09:30 PM

    I received a 1099-S and would like to report the sale even though there is no tax consequence to me. I just don't want to get a letter form the IRS because I failed to report the sale. I just need to know the right way to describe the property.
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #4

    Mar 9, 2009, 09:03 AM

    "Inherited real estate" will be just fine.
    shannahan's Avatar
    shannahan Posts: 10, Reputation: 1
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    #5

    Mar 9, 2009, 07:37 PM
    Thanks.
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