@nello wrote:
Where do I enter “inherited” in TurboTax Deluxe 2021 for Mac? (In EasyStep, or Forms?)
@nello
There is no way to enter "Inherited" as the acquisition date for the sale of your main home. This seems to be a flaw in TurboTax. I will let the TurboTax people know, but I would not expect it to be fixed anytime soon. It's an unusual situation.
You can handle it in one of the following ways, depending on the details of your particular situation.
If you did not get a Form 1099-S for the sale, and you qualify to exclude all of the gain, or you have a loss on the sale, you do not have to report the sale on your tax return. Just omit it.
If you have to report the sale, enter the date of death of the person from whom you inherited the home, as long as it's more than a year before the sale date, and more than two years before the sale date if you qualify to exclude part or all of the gain.
If you do not qualify to exclude any of the gain, you could enter it as an investment sale for which you did not get a 1099-B, instead of as the sale of your home. For the description enter "Main home." You will be able to enter "Inherited" as the acquisition date. The way it appears on your tax return will be exactly the same as if you had entered it as the sale of your home.
