"My Mother's house

Forum|Forum|7 years ago
June 6, 2019
1 reply
19 views

"My Mother's house was put in my brother, sisters, and I name about 5 years ago. My sister purchased her share from my brother and I in 2016 and is living in the house as her residence with my mother, who is still alive and lives there. Where does that go on my income.

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Best answer by Irene2805

UPDATED FOR TAX YEAR 2019

If none of you lived in the home, you would report the sale as the sale of an investment. If you inherited this property any gain/loss is considered long term.

You can report the sale in TurboTax using these steps:

Click on Federal > Wages & Income
In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2019? Click the Yes box.
On the screen, Did or will you receive a 1099-B form, mark the No button and click Continue
On the screen, Now we’ll walk you through entering your sale details, select Everything Else from the list in the first box.
Fill in the rest of the boxes with the sale information. Be sure to enter the NET proceeds.
If taxes were withheld from the sale, click the box I have more info to enter that I don’t see here. Enter the taxes in the boxes that appear.
Click Continue when done.
Continue through the screens, entering the requested information.

[Edited | 4/1/2020 | 1:11pm PDT]

Irene2805Answer

Level 15

UPDATED FOR TAX YEAR 2019

If none of you lived in the home, you would report the sale as the sale of an investment. If you inherited this property any gain/loss is considered long term.

You can report the sale in TurboTax using these steps:

Click on Federal > Wages & Income
In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far. Click on the Add More Sales link.
If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2019? Click the Yes box.
On the screen, Did or will you receive a 1099-B form, mark the No button and click Continue
On the screen, Now we’ll walk you through entering your sale details, select Everything Else from the list in the first box.
Fill in the rest of the boxes with the sale information. Be sure to enter the NET proceeds.
If taxes were withheld from the sale, click the box I have more info to enter that I don’t see here. Enter the taxes in the boxes that appear.
Click Continue when done.
Continue through the screens, entering the requested information.