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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I was gifted grain from my parents this year and sold the grain.

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I was gifted grain from my parents this year and sold the grain. Where to I report this income.
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

The profit you made on the sale of the grain should be reported on Schedule D.

If the original acquisition date by your parents was more than a year ago prior to the sale then it is taxed as a long term capital gain. If it was less than a year ago, then you have a short term capital gain.

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