@Groves65
The sale of an inherited home is considered an investment sale and you need to enter this info in the investment section of TurboTax.
- Yes, you could use TurboTax Deluxe if you use the CD\Download version.
- No, you won't be able to use TurboTax Online Deluxe version,. You'll need to use the TurboTax Online Premier or higher version.
Whenever you sell a capital asset held for personal use at a gain, you need to calculate how much money you gained and report it on a Schedule D. Depending on your situation, you may also need to use Form 8949. Capital assets held for personal use that are sold at a loss generally do not need to be reported on your taxes.
- The loss is generally not deductible, as well.
[Edited 03/07/22|5:59 am PST]
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