Actually you will report this next year on your 2022 tax return on the sale of the house. You will not report this on your 2023 tax return. This is how it is reported.
- Click on the Federal
- Click on income and expenses
- In the full list of income items on your return, scroll to the section labeled Investment Income.
- Click start or revisit on the line labeled Stocks, Mutual Funds, Bonds Other.
- If you are not using Premier, TurboTax will require you to upgrade in order to enter the sale.
- After you have upgraded, continue through until you reach the screen labeled "Did you get a 1099-B or a brokerage statement for these sales?" Answer no.
- Choose the appropriate asset from the list on the screen labeled "Choose the type of investment you sold".
- Continue through the screens that follow.
You will need to know the total sales proceeds (if you inherited a share of an asset, you need your portion of the sales proceeds) and your portion of the inherited cost basis (the value of the asset on the date of death of the person from whom you received the inheritance).
As far as your question regarding Where do I input my inherited property from ‘18 from my mother who had a dual citizenship, this information is not needed in your tax return.
Milyvarios
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