@LFR49, glad the answer helped!
In your situation, the instructions for making these entries are below. You will need to use FMV on date of death, though. A realtor will be able to help you reconstruct this or refer you to an appraiser for a retroactive appraisal, if necessary.
The holding period for inherited property begins on the date of death, but it is still considered long-term capital gain (or loss).
To make these entries in TurboTax:
- Open or continue your return in TurboTax.
- In the search box, search for sold second home and select the Jump to link in the search results.
- Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
- If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
- Answer No to the 1099-B question.
- 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 Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.
Original instructions can be found here.
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