You will only have income on any capital gain on the sale. If there is a capital loss and this was not the sale of a personal use property (which is not deductible), you can report the loss as a capital loss.
To know the actual amount of the capital gain or loss on this sale, you will need to know not only your sale's proceeds but also your basis in this inherited property. Your basis in an inherited property is usually the Fair Market Value (FMV) at the time of inheritance plus any capital improvements made to the property since inheriting it (all in USD).
If you will type Capital Gains and Losses into the search bar of your TurboTax program, then click OK - you will be brought to the input screen where you record capital gains and losses (which is how your inherited home will be classified).
