Irene2805
Expert Alumni

Deductions & credits

In TurboTax CD/Download, enter the sale of an inherited home using these steps:

 

  1. On the Wages & Income screen, in the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
  3. On the screen, Did you get a 1099-B or brokerage statement... click the No box.
  4. On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
  5. Enter the information in the boxes that appear.  You will have to type in Inherited Home in box 1a.  For date of acquisition, you can either enter a date or "inherited."  [See Screenshot #1 below.]
  6. Enter the total sales proceeds as well as the other information requested. 
  7. Since this is a sale of an inherited property, select Long Term in the Holding Period box (no matter how long you owned it.)
  8. Continue to the screen, Select any less common adjustments that apply.  
  9. Mark the first box The reported sales price did not deduct all fees or selling expenses.  [Screenshot #2]  
  10. Enter the sales expenses not deducted from the sales price entered earlier.

Screenshot #1

 

 

Screenshot #2

@Rob102