Solved: In 2016 I sold a 2nd home in Idaho that was willed to me in 2007. How do I include that on my return?
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In 2016 I sold a 2nd home in Idaho that was willed to me in 2007. How do I include that on my return?

 
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Employee Tax Expert

In 2016 I sold a 2nd home in Idaho that was willed to me in 2007. How do I include that on my return?

You would report that sale in the Investments section of TurboTax

 Because it is inherited property, your cost basis is considered to be the Fair Market Value of the property as of the date of death of the decedent, plus any improvements that you may have made to the property

In TurboTax for Premier,report the sale in the Federal Taxes Tab, under Wages and Income. 

Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.

On the  screen Choose the type of investment you sold choose Everything Else.

On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Employee Tax Expert

In 2016 I sold a 2nd home in Idaho that was willed to me in 2007. How do I include that on my return?

You would report that sale in the Investments section of TurboTax

 Because it is inherited property, your cost basis is considered to be the Fair Market Value of the property as of the date of death of the decedent, plus any improvements that you may have made to the property

In TurboTax for Premier,report the sale in the Federal Taxes Tab, under Wages and Income. 

Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.

On the  screen Choose the type of investment you sold choose Everything Else.

On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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