My father passed away at the end of 2022. All assets, including an IRA and his house, were part of a simple revocable trust. My brother and I inherited the trust equally. We moved the IRA into another account under the Trust name and then we split the assets and moved them into our own brokerage accounts.
We sold the house in August, 2023. Because the house was still part of the (now irrevocable) trust, my brother and I opened a bank account in the name of my father's trust to accept the funds from the sale of the house. My brother and I (both named in the trust and on the bank account) then moved our equal shares of the funds from the house into our personal bank accounts.
How (and where) do I enter this house sale in TurboTax? I'm not concerned about the cost basis -- I have that covered. But do I treat this the same as I would the sale of a second/investment home? Should this sale be part of the tax return we have to submit for the Trust and do I (and my brother) not report it at all in my personal return? TurboTax was great about asking questions about the inherited IRA (even offering condolences), but I can't seem to find the magic when dealing with the inherited house. Any direction and advice is appreciated. Thanks as always!
