You won't really enter the sale using the 1099-S because it was not your home. Enter only your share of the sales price and your share of the cost basis (see below what your cost basis is required to be for gifts).
Use the following steps to report the sale of your inherited home.
- Open or continue your return (you can choose the Search box and type 'inherited home' then use the Jump to link to enter your inherited sale) or follow the menu.
- Under Income scroll to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2024? screen
- If you land on the Your investment sales summary screen, select Add More Sales
- On the OK, let's start with one investment type screen, select Other, then Continue
- On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
- On the next screen, select Other (choose this also for gifted homes) then select I received it as a gift' under How did you receive this investment? (For TurboTax Desktop you can enter a description of 'Gifted Home' and long term holding period.
The cost basis for you is the same cost basis that is was for your mother on the date of the gift. If there was any gift tax paid, then you could add that to your cost.
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