Deductions & credits

For your SEP plan contribution, see Where do I enter my SEP IRA contributions?   

For the home you inherited and then sold, you may have received a 1099-S that you will use to enter the sale.   Because these types of sales are considered investment sales, you need to enter this info in the investment section of TurboTax.    Select the product you’re using for the right instructions.    The basis of property inherited from a decedent is generally one of the following:

• The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return)).
• The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return. See the Instructions for Form 706.

Note: To report the sale of a second home, an inherited home, or land, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

TurboTax Online

TurboTax CD/Download

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