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Deductions & credits
Assuming the home was not used as a rental or any other business use, report it as the sale of a 2nd home. You'll do that in the Investments section. Elect to start/update Stocks, Bonds, Mutual Funds, Other and work it through.
When asked how you acquired the home make sure you select that you inherited it. Otherwise, you may be taxed at the higher short term capital gains tax rate on any gain you realized on the sale.
All numbers you are asked for, you will only enter 50% of the values since you only owned 50% of the property after inheriting it.
‎June 28, 2020
2:05 PM
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