Inheritance worksheet

[omnk2000]

Why ProSeries software has no inheritance worksheet, anybody know?

Thanks.

[Just-Lisa-Now-]

You may want to explain better....what kind of worksheet would you need for inheritance?  Is this for a particular state?  What kind of situation do you have?

[omnk2000]

Thanks for responding, I have a client  that he inherited property from foreign country and he wants to report it on his 2020 tax  return , I was trying to do his return but I could not find any place on Pro Series software for inheritance ,and there is no mention of inheritance on schedule D and B.

Thanks.

[PATAX]

Inherited property from a foreign country is a very unique and rare event... you cannot expect Pro Series or any other tax software to spend vast amount of resources and time and money dealing with issues like this ....Just my opinion.

[qbteachmt]

"and he wants to report it on his 2020 tax return"

Why? What part is reportable?

[omnk2000]

I have done so money foreign inherited property back on 2011 and 2012 with Pro Series , I was very easy to report it.

But this 2020 Pro Series software give no option, I been asking for help but no one give me a definite answer.

Thanks.

[sjrcpa]

The inheritance itself is not taxable. It's reportable on Form 3520.

Any income from the inherited property is taxable in the same way as any other income -interest, dividend, capital gain, etc.

I'm also not clear on what you want ProSeries to do that it won't do.

[omnk2000]

Because he sold the inherited property and he received money on his bank account.

Thanks.

[BobKamman]

Did your client inherit cash, or property that he then sold?

[omnk2000]

Property.

Thanks.

[sjrcpa]

Then that's a Schedule D/8949 transaction. Basis = date of death value. Long-term. Inheriting it doesn't make it unique.

[BobKamman]

Doesn't make a difference where the property was located.  Other users are having problems with ProSeries this year also, for sales that go on Schedule D.  (I hope your client wasn't renting the property before it was sold.)  Use the Form 1099-B worksheet, which you can access from the Schedule D page, even though this was not reported on a Form 1099-B.  

[Just-Lisa-Now-]

Just use the 1099B worksheet button at the top of Sch D, scroll down past the brokerage info and you'll find a entry screen similar to the old Sch D.   If you use Inherited as the purchase date, it will print that on the 8949 and automatically make it long term.

But if you double click on the entry line, it will open a separate worksheet, you may find a place in there for inherited property....its got a bunch of stuff in there, but you really dont need it.

[omnk2000]

Thank you so much.

[qbteachmt]

"I been asking for help but no one give me a definite answer."

Everyone has been giving you Help. This is not Customer Support. These are peer users.

You are simply asking to report a Sale. Not the inheritance.

See how the details mattered?

[CarmenLopez]

I was not able to do what you explained.  I am trying to report an inheritance form another country.  and I need your help

[CarmenLopez]

Is there a form or process in Proseries that would allow me to report the inheritance ?

[CarmenLopez]

someone mentioned form 8938  does that need to filled out as well as form 3520

thank you

[dkh]

@CarmenLopez   You've added to a post that is 2 years old.  I recommend you start a new post. You're more likely to receive help.

[qbteachmt]

@CarmenLopez 

You don't need to keep asking. You just asked here in this two year old topic that isn't even for the software you are using.

Your own ProConnect topic is at this link:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/inheritance/00/255858

And that's where you are being helped, and you should update that topic, because it is for the current tax year, the right program, and it is your topic which is how you get the specific help you need.

Follow up on your own topic, please.