Yes, you will have to upgrade to TurboTax Premium to complete your inherited home information. In TurboTax Premium, there is a section dedicated to the sale of a home, and it can be found in the Your income and expenses screen under the sub-heading, Less Common Income. As you move through this section of the application, there is a screen, Sales Information, where you can enter your sales expenses.
Any gain on the sale of the home will be considered a capital gain (here, it looks like a short-term) and is taxable income. If you sold the inherited home for a loss, that loss can be deducted as a capital loss provided you sold the home in an arms length transaction, you did not sell it to a related party, and you and your siblings did not use the home as a personal residence.
This sale will appear on Form 8949, Sales and Other Dispositions of Capital Assets and Schedule D, Capital Gains and Losses.
@RoyD
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
