File this 1099-S by selecting 'Other' when entering an investment sale. Based on your comments, you did not live in the property as your home.
- Your cost would be the value on the date of death of your grandparent x your percentage as beneficiary.
- The selling price is on the 1099-S.
- The difference will be the taxable gain or loss.
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
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