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Deductions & credits
In TurboTax CD/Download, enter the sale of an inherited home using these steps:
- 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.
- 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.
- On the screen, Did you get a 1099-B or brokerage statement... click the No box.
- On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
- 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.]
- Enter the total sales proceeds as well as the other information requested.
- Since this is a sale of an inherited property, select Long Term in the Holding Period box (no matter how long you owned it.)
- Continue to the screen, Select any less common adjustments that apply.
- Mark the first box The reported sales price did not deduct all fees or selling expenses. [Screenshot #2]
- Enter the sales expenses not deducted from the sales price entered earlier.
Screenshot #1
Screenshot #2
‎February 25, 2021
7:35 AM