Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- An inherited house in Puerto Rico was sold. Received a Form 480.6C. Since this was inheritance, does it have to be reported?
An inherited house in Puerto Rico was sold. Received a Form 480.6C. Since this was inheritance, does it have to be reported?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
RedNeckSPIKE
Level 1
03-10-2021
04:22 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
An inherited house in Puerto Rico was sold. Received a Form 480.6C. Since this was inheritance, does it have to be reported?
Acquired January 2011. It is shared with siblings. About 120,000.00. split three ways.
Sold last year. Got about $36,500.00 with almost $5,500.00 withheld.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
03-10-2021
04:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes it needs to be reported.
Inheriting the property wasn't a taxable event.
But gain on the sale of such property is a taxable event.
Gain = sale price minus selling expenses minus basis (date of death value plus any improvements made less any depreciation)
The more I know, the more I don't know.
