Generally, when you inherit property (for example a house),
you receive the fair market value at the date of death as the basis. Then when you
sell the house there should be little gain or loss. Complete the following steps
to enter the transaction in Turbotax:
·
Open your return
·
Enter sold second home in the search field, click the spyglass
·
Click Jump to sold second home
·
On the Here's
the investment sale info we have page
·
Select
Add More Sales
·
click through
pages until you get to Choose the type of investment you sold, select Second
home
·
Add the information on the pages that follow
·
On the Inheritance page, enter the fair market value
at the date of death
Montana has an estate tax, but not an inheritance tax, you are
required to file a Montana tax return, however if you are preparing you return correctly,
you should not have a Montana income tax liability.
