The treatment of where and how the sale of your inherited property in the TurboTax program is correct.
The IRS considers inherited property to be long-term capital gain. The tax rate would be 0%, 15%, or 20%, depending on your income bracket.
Because these types of sales are considered investment sales, enter this info in the investment section of TurboTax.
You’ll have to use TurboTax Premium to report the sale of a second home, an inherited home, or land.
- Open or continue your return.
- Navigate to the sold second home screen:
- TurboTax Online/Mobile: Go to sold second home.
- TurboTax Desktop: Search for sold second home and select the Jump to link.
- Answer Yes on the Did you have investment income in 2024? screen, then Continue.
- If you land on the Your investments and savings screen, select Add Investments.
- Follow the onscreen instructions.
TurboTax FAQ: Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?
@Mark-001
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