No, since you owned this home with your sibling, you would be allowed to take 50% of basis as the cost of the property and your sibling would use 50% on their taxes.
To determine whether you have a gain or loss when you sold the property, you subtract its basis from the sale price.
Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.
To enter the 1099-S in TurboTax:
- Open or continue your return.
- In the Search box, type in "sale of inherited home" and select the Jump to link in the search results.
- Answer Yes on the "Did you sell any stocks, mutual funds, bonds, or other investments in 2020?" screen.
- On the "OK, what type of investments did you sell?" screen, select Other and then click on Continue.
- On the "Tell us more about this sale" screen, enter the filer’s name listed on your 1099-S, type of inherited property and Click on Continue.
- On the “Now We’ll walk you through entering your sale details”, under “What type of investment did you sell?” Select the type of inherited property in the dropdown.
- Continue to enter the requested information on the screen(s).
- On the next screen continue to answer the questions to finish entering your sale.
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