You report the sale of a house your inherited similar to the way you would report the sale of stock. You do not need TurboTax Business. You can use any version of the CD/Download version of TurboTax, and you can use Premier or Self-Employed if you are using TurboTax Online. To enter:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment income in 2022?" Answer Yes
- On the page with "Did you have crypto income in 2022?" Answer No (you can revisit this section later if the answer is Yes). Then click on Continue
- On the page with "Let's import your tax info" click on "Enter a different way"
- Select "Other" to "OK, let's start with one investment type?" and click Continue
- Enter the name of the person or firm that brokered this sale
- On the page with "Now, enter one sale for _______", for "What type of investment you sold" Indicate House (personal use) "
- "How did you receive this investment? Indicate Inherited
- Enter the details of the sale, and the interview will walk you through entering the details of the sale
Because you inherited it, it will be a long term gain/loss. And unless you used it as a business asset or rental property, you will not be able to deduct any loss, as it is personal property.
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