My wife’s father passed and left a house to his 3 adult children. The house was sold 9 months after his death. After paying off the loan, taxes, selling costs, lawyers, etc there was money left over. That money was split 3 ways equally between the children (distribution).
Can some tell me how to input this into Turbo Tax (step by step)? I have been following the instruction I see but I think it is incorrect. In the section where is states: “Fair market value when previous owner passed away”. Is the fair market 0 (because this seems to work). If I put any number of value for the cost basis like 300,000.00 it only tells me I cannot take a loss. I’m sure I owe money from the distribution of the funds (which I typed into the “proceeds box” but Turbo Tax is not work properly. Anyone?
