Deductions & credits
If you did not get a 1099-S at closing then you do not need to report the sale. If you did then use the Home Sale section of the program to exclude the gain ... "inherited" is immaterial since you have owned the home for more than one year ... either way it is a long term gain if you cannot exclude it. Make sure to check the 1099-S box if you got one ...
- Once you are in your tax return (for TurboTax Online sign-in, click Here), click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Less Common Income”
- Choose “Sale of Home (gain or loss)” and select “start’
- You will want to use the "Easy Guide" to determine the adjusted basis on this home
