Sale of Inherited Property

#3 03-13-2005, 11:34 PM

- quote -

> > My daughter needs to report the sale of 28 acres of country
> > property (with small house) that she inherited. There was a
> > small capital gain of about 2,000. What form does she use?
> > The land was idle during her entire ownership of 8 years, no
> > income from the property.
> > > We are using TaxAct, and naively it looks like Sale of
> > Property Part II, Form 4797.

> Hey, I really need advice on this. Do you need more details
> from me? At least a yes or no on Form 4797 Part II.

This is a moderated newsgroup. As such questions and answers
do not get posted immediately as they do in normal
newsgroups. The upside is that avoid the spam, flames and
other assorted junk that fill normal groups.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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#2 03-13-2005, 11:34 PM

- quote -

> > My daughter needs to report the sale of 28 acres of country
> > property (with small house) that she inherited. There was a
> > small capital gain of about 2,000. What form does she use?
> > The land was idle during her entire ownership of 8 years, no
> > income from the property.
> > > We are using TaxAct, and naively it looks like Sale of
> > Property Part II, Form 4797.

> Hey, I really need advice on this. Do you need more details
> from me? At least a yes or no on Form 4797 Part II.

Sounds like Schedule D. Was it depreciated or used in a
business or rented after the death? If so then 4797 is
probably right. Look at the Schedule D instructions.

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#1 03-12-2005, 01:38 PM

"Jim Foyle" <me[at]privacy.net> wrote:

- quote -

> My daughter needs to report the sale of 28 acres of country
> property (with small house) that she inherited. There was a
> small capital gain of about 2,000. What form does she use?
> The land was idle during her entire ownership of 8 years, no
> income from the property.
> We are using TaxAct, and naively it looks like Sale of
> Property Part II, Form 4797.

Form 4797 is probably not the right answer, unless it was
used for some business or rental use.

If this is personal property (or an investment) that simply
sat there, then Schedule D would be the right place.

Bryan

--
Bryan Kellar, EA
Oregon Tax Help, Inc. -- Portland, Oregon
www.oregontaxhelp.com
www.canadatax.org

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03-12-2005, 01:19 PM

"Jim Foyle" <me[at]privacy.net> wrote:

- quote -

> My daughter needs to report the sale of 28 acres of country
> property (with small house) that she inherited. There was a
> small capital gain of about 2,000. What form does she use?
> The land was idle during her entire ownership of 8 years, no
> income from the property.
> We are using TaxAct, and naively it looks like Sale of
> Property Part II, Form 4797.
> Please advise.

Hey, I really need advice on this. Do you need more details
from me? At least a yes or no on Form 4797 Part II.

Jim

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 03-08-2005, 09:56 AM

My daughter needs to report the sale of 28 acres of country
property (with small house) that she inherited. There was a
small capital gain of about 2,000. What form does she use?
The land was idle during her entire ownership of 8 years, no
income from the property.

We are using TaxAct, and naively it looks like Sale of
Property Part II, Form 4797.

Please advise.

Jim

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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