does anyone know where to enter information from a 1099S form?

[tostok]

the software is asking for additional info such as adjusted cost basis of home, etc, and this was an inheritance from parent along with other siblings

[JamesG1 · Accepted solution]

If the IRS form 1099-S is reporting the sale of a home that you lived in, you would report a sale of your personal home.  In this instance, the gain or a portion of the gain may be excluded from taxable income.

If the IRS form 1099-S is reporting the sale of a home that you have not lived in, you would report the sale of a second home.  In this instance, the second home is an investment property and a gain on the sale of the capital asset may be subject to capital gain tax.

If this is the sale of a second home, follow these directions.

In TurboTax Online, under the search microscope in the upper right hand corner of the screen, enter 'sale of second home'.  Click on 'Jump to sale of second home'.  Or you may follow these steps.

• Click on Federal down the left side of the screen.
• Click on Wages & Income down the left side of the screen.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• At the screen Let's finish pulling in your investment income, select Add investments.
• At the screen Save time and connect your financial accounts, select Enter a different way.
• At the screen How do you want to add your docs?, select Type it in myself.
• At the screen OK, let’s start with one investment type, click Other, land, second home, personal items, 1099-S).  Click Continue.
• Under What type of investment…., select Second home.
• Enter the sales information.  You may or may not have received an IRS form 1099-S.

If you inherited the home, the cost basis is likely the value of the home on the date of the decedent's death. 

Per IRS Publication 551 page 15, the basis of property inherited from a decedent is generally one of the following.  

1. The fair market value (FMV) of the property at the date of the individual's death.
2. The fair market value (FMV) on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. 
3. The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. 
4. The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement.

If you and two siblings each received one-third of the value of the second home, you would each report one-third of the basis and one-third of the sales price. For instance, if the home sold for $300,000 and the value of the home (cost basis) was $300,000, you would each report $100,000.