You will enter the sale of an inherited home as the sale of a capital asset. You will be able to increase the basis in the home by the amount of eligible closing costs.
You can enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.
- Open or continue your return.
- In the search box, search for sold second 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.
- If you land on the Your investment sales summary screen, select Add More Sales.
- On the OK, what type of investments did you sell? screen, select Other then Continue.
- On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
- On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.
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