Deductions & credits

The reason you indicate that a property was inherited is that transactions involving inherited property are always long-term transactions.  Please follow these steps to enter the sale of an inherited home:

TurboTax Online

1. In the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other
2. Did you sell any investments in 2020?  click the Yes box.
3. Did you get a 1099-B or brokerage statement?  click the No box.
4. On the Tell us about this sale screen mark the radio button I'll enter one sale at a time.  
5. On the screen, Now we’ll walk you through entering your sale details, the second box asks How did you receive this investment?  Select I inherited it from the drop down list,  [See screenshot below.]
6. Enter the information in the boxes that appear.  [If the property was inherited, select Long term for the holding period.]  

TurboTax CD/Download

1. In the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other
2. Did you sell any investments in 2020?  click the Yes box.
3. Did you get a 1099-B or brokerage statement?  click the No box.
4. On the screen, Tell us about this sale, for Date Acquired you can enter inherited
5. For the Holding period, select Long term Box F.  [See Screenshot #2.]