My parents are deceased and in 2017 we sold there house that was left to me and my two siblings. We received a 1099 S from a Lawyer involved with the closing. I follow the below steps and I ended up with no taxes being taken out from what I earned from my inheritance. Found this a little concerning as you always pay taxes nothing is for free so I feel I did something wrong. Below is the instructions entered in the investment section of Turbo Tax. Follow these instructions:
Open your return in Turbo Tax. (To do this, sign in to Turbo Tax and select Take me to my return button.) In the search box, search for sold second home (use this exact phrase) and then select the "Jump to" link in the search results. Answer Yes on the Did You Sell Any Investments in 2017? screen. If you land on the Here's the investment sales info we have so far screen, select Add More Sales. Answer No to the 1099-B question. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue. Follow the on-screen instructions to completion.
The House was worth $180,000 the three of us each received $60,000 did I do this correctly and will not pay any taxes on my inheritance?
