form 1098 -S selling an inherited house short term with no capital gains help filling out boxes filling out under investments
I really need some guidance.
I have a turbotax home and business., which i do every year.
Unfortunately my mother died. In August 2019. we had a TOD on the house. i then sold the house in may 2020. there was no capital gains, as we sold it for less than it was assessed for at the time of the transfer.
i got a 1099-S from the escrow company
1. i went to investments in Turbo Tax home and business which i purchased at the store.
2. i see the place where youfill in the boxes.i know i fill in holding period as short term
3.. so what do i put in the 2 boxes that ask.. sale proceedsandcost or other basis???
the house was assessed for 865,000, and it was sold at 835,000. i had paid the taxes up until the date of sale which was about 700$. box 6 on the 1099 says 184.07. the realtor took 35,000$
5. also where do i put the value of the house when transferred to show that i had no capital gains?
6. also when i filled it out it says i have a 60,000 capital loss. i am not sure if that i filled it out right, but now it shows i can claim a loss?
thank you so much for your time. i am totally overwhelmed. i hope you can assist me. thank you soooo much
I really need some guidance.
I have a turbotax home and business., which i do every year.
Unfortunately my mother died. In August 2019. we had a TOD on the house. i then sold the house in may 2020. there was no capital gains, as we sold it for less than it was assessed for at the time of the transfer.
i got a 1099-S from the escrow company
1. i went to investments in Turbo Tax home and business which i purchased at the store.
2. i see the place where you fill in the boxes. i know i fill in holding period as short term
3.. so what do i put in the 2 boxes that ask.. sale proceeds and cost or other basis???
the house was assessed for 865,000, and it was sold at 835,000. i had paid the taxes up until the date of sale which was about 700$. box 6 on the 1099 says 184.07. the realtor took 35,000$
5. also where do i put the value of the house when transferred to show that i had no capital gains?
6. also when i filled it out it says i have a 60,000 capital loss. i am not sure if that i filled it out right, but now it shows i can claim a loss?
thank you so much for your time. i am totally overwhelmed. i hope you can assist me. thank you soooo much