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Parents died in 2018. They left us the home and we sold their home at a loss in 2018. Do I have to report this sale on my taxes? What Schedule do I need?
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I am sorry for your loss.
Your basis in the home you inherited is the fair market value on the decedent’s death (or alternate date if elected). In order to have a loss, you must have sold the home for less than your basis in the home - not what your parent paid for the home.
You do need to report this transaction on your tax return. It will be reported on IRS Form 8949 and flow to IRS Schedule D.
In TurboTax, you will go to Wages and Income on the Federal Tab.
Next, choose Investments.
After that, choose Stocks, Bonds and Other Investments.
From there, you will need to follow the prompts and complete the TurboTax input screens.
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