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
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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
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
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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