{"id":41627,"date":"2019-03-01T13:49:35","date_gmt":"2019-03-01T19:49:35","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?post_type=support&#038;p=41627"},"modified":"2019-03-01T13:49:35","modified_gmt":"2019-03-01T19:49:35","slug":"entering-property-taxes","status":"publish","type":"support","link":"https:\/\/www.hrblock.com\/tax-center\/support\/software\/while-filing-software-return\/entering-property-taxes\/","title":{"rendered":"I Recently Sold a Vacant House. How Do I Enter That Property Tax Into H&#038;R Block\u2019s Software?"},"content":{"rendered":"<p>When you sell a house that&#8217;s been sitting vacant for a while, the rules for reporting the property taxes from the sale are a little different than a normal home sale. We can help answer your questions about how to handle the property taxes with H&amp;R Block software.<\/p>\n<p>First, you first need to determine how the property was used. All property falls into one of four use types:<\/p>\n<ul>\n<li>Personal use<\/li>\n<li>Business use<\/li>\n<li>Stock-in-trade (inventory)<\/li>\n<li>Investment use<\/li>\n<\/ul>\n<p>Since the house has been sitting vacant and waiting to appreciate, the investment use property type will apply to you.<\/p>\n<p>When you sell an investment property, you&#8217;ll report it as a Sale of Collectibles and Other Investment Property in the property tax interview portion of our software. Once you enter the sale, it&#8217;ll appear on Form 8949, which we&#8217;ll then enter on Schedule D.<\/p>\n<h2>Entering Estate Tax in Our Software<\/h2>\n<p>Since this isn&#8217;t a sale of securities, you won\u2019t receive a <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-1099-b\/\">Form 1099-B<\/a>. Follow these instructions when you enter this information into our property tax interview part of our software:<\/p>\n<ul>\n<li>Date acquired: The date you took ownership of the inherited property. Enter &#8220;Inherit&#8221; here.<\/li>\n<li>Cost or other basis: For inherited property, this is usually the fair market value (FMV) at the date of death. If you didn&#8217;t get a property appraisal at the date of death, you&#8217;ll need to get one now. Most appraisers will be able to give you a retroactive appraisal of the home. You can&#8217;t use a property tax statement from that time, since assessed values for property taxes rarely match their FMV. If you made any improvements to the home after you inherited it (like a remodeled kitchen or new roof), you&#8217;ll need to add those costs to the basis.<\/li>\n<li>Date sold: This is the date that escrow closed and the new owner took possession.<\/li>\n<li>Sales price: Enter the selling price minus any sales expenses. The usual selling expense is the broker&#8217;s commission, but you can also deduct advertising fees, legal fees, and any points you paid for the buyer.<\/li>\n<\/ul>\n<p>Once you&#8217;ve entered this information, we&#8217;ll calculate your gain or loss (the sales price minus basis). Since this is an investment property, you&#8217;ll be able to deduct a loss if there is one. However, you can&#8217;t exclude a gain from your income as you can with your main home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you sell a house that&#8217;s been sitting vacant for a while, the rules for reporting the property taxes from the sale are a little different than a normal home sale. We can help answer your questions about how to handle the property taxes with H&amp;R Block software. First, you first need to determine how [&hellip;]<\/p>\n","protected":false},"author":658,"featured_media":0,"menu_order":0,"template":"","topic":[16243,16250],"class_list":["post-41627","support","type-support","status-publish","hentry","topic-software","topic-while-filing-software-return"],"acf":[],"yoast_head":"<title>Entering Property Taxes into Software| H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Learn how to enter property taxes into H&amp;R Block software with information from our product experts. 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