Inherited Property Sale

Forum|Forum|5 years ago
January 1, 2021
5 replies
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I have a client that will inherit the proceeds from the sale of property. I understand that this will be entered on their tax return. The issue is the sale may have completed the end of the year but they will not get their proceeds till 2021. Do they claim the income on 2020 return or 2021 when the proceeds are received.

I appreciate any answers that will clear this for me so I can pass on to my client.

Sandy

ProSeries Professional

This topic has been closed for replies.

itonewbie

Level 15

Is your client inheriting the property or the proceeds from the sale? There is a difference between the two.

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qbteachmt

Level 15

"the sale may have completed" in 2020?

May have? Either it did or it did not.

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George4Tacks

Level 15

Was the sale completed by the living owner, or by the estate of a deceased owner of the proprety?

Answers are easy. Questions are hard!

D

DianeS1

Level 2

LIVING CLIENT

qbteachmt

Level 15

@DianeS1

You posted a Reply as a comment in someone else's topic on an internet discussion forum, and the topic is from Jan 2021. This is not Robot chat or keyword help.

In general, starting your own topic under the subforum of the program you are using, putting in a Title, then adding your content to the input panel, will help you get the specific info you are seeking.

Right now, the answer is: To Inherit, there has to be a Dead Person. You stated yours is a Living Client.

Not sure how this relates.

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Just-Lisa-Now-

Intuit Community Champion

Im guessing your client will see a K-1 at some point for this event, once you have that you'll know how it all went down and what your client needs to report or not.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪