You will enter the information on the 1099-S in the investment section, where you report the sale of the inherited home. The 1099-S will have the proceeds from the sale. The cost basis is the value of the property on the date of death of your husband's mother. Be sure to adjust the cost basis for any improvements you made to the property before selling, and the proceeds for any sales costs not reflected in the proceeds shown on the 1099-S.
Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.
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