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S
SeA3106
Level 2
April 17, 2026
Question

How to report the sale of land in Lacerte?

  • April 17, 2026
  • 4 replies
  • 12 views

My client inherited land from her Mom in 2014 along with her brothers. The land was  jointly with other family members.  They collectively decided to sell in 2025. The land was purchased in the early 1800s and her Mom passed away in 2014. 

1.  Would the property get a stepped-up basis upon her Mom's death?

2.  How should this sale be entered in Lacerte?  Schedule D and Form 8949? What screen is Form 8949 launched from?  

 

4 replies

George4Tacks
George4Tacks
Level 15
April 17, 2026

1 Yes

2 Enter just like a stock sale, Schedule D input. Likely not a covered transaction. Possible a 1099S was issued, Maybe ....

Answers are easy. Questions are hard!
    IRonMaN
    IRonMaN
    Level 15
    April 17, 2026

    1.  Yes

    2.  Yes

    But I don't do Lacerte so I can't direct you to the correct launch pad.

    Slava Ukraini!
      C
      CM2666
      Level 2
      April 17, 2026

      You should get a step up in basis to the value at her mother's death. IRC 1014 B. You should have an appraisal done to get a value at date of death. Are you working with an estate attorney to get the mom's share of the property?

      C
      CM2666
      Level 2
      April 17, 2026

      Sch D is where it gets reported assuming the appraisal is done and the determination of the mother's share is done.

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