Each of you (you and your brother) will report 50% of the sale. To report sale in TurboTax:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment income in 2022?" Answer Yes
- On the page with "Did you have crypto income in 2022?" Answer No (you can revisit this section later if the answer is Yes). Then click on Continue
- On the page with "Let's import your tax info" click on "Enter a different way"
- Select "Other" to "OK, let's start with one investment type?" and click Continue
- Enter a name for the the person or firm that brokered this sale
- On the page with "Now, enter one sale for _______", for "What type of investment you sold" Indicate "Investment Property"
- Indicate "Inheritance" for "How did you receive this investment?
You can claim a loss on the sale of your father's house that you and your brother inherited, if each of the following are true:
- The house was sold in an arm’s length transaction.
- The house was sold to an unrelated person.
- You and your brother did not use the property for personal purposes.
- You and your brother did not intend to convert the property to personal use before the sale.
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