It depends how you may have entered it. You can enter it yourself using the steps below or you can simply select the holding period of 'Long term uncovered or Long term'.
- Under Wages & Income scroll to Investments & Savings
- Select Start/Revisit beside Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Select Add Investments or continue to go through the screens to select 'Other' > Continue
- Begin to enter the sale description > Under Type select Other > Under How did you receive select 'I Inherited it' (if applicable)
- For TurboTax Desktop you would enter the description 'Inherited Property' and select 'Long Term' as the hold period
- Enter your sale date and 'Various' as the Acquired date
- Continue to complete the screens until you arrive back at the Wages & Income main page.
Inherited property is always considered to have a long term holding period which provides favored tax treatment. For this reason the holding period is the most critical to have capital gain treatment assuming you have a gain.
@Clump
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