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Inheritance Property was valved at $200,000.00 and was sold for approximately $100,000.00. How should this be show on the return, and where?
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In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Investment Income
-Stocks, mutual funds, Bonds, Other (Real estate is other)
Answer no, when asked if you got a 1099-B. then follow the interview.
When asked if used for business or rental, check "other investment purpose". But, you cannot claim a loss, if you are selling to a related party or the property was used for personal use, and was not treated as investment property.
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