You will enter the sale of an inherited home in the Investment section. Gain/loss will be computed once you enter the fair market value of the home on the date the deceased passed away. Usually, you receive a stepped up basis in the property and when sold, little or no gain will taxable.
Ex: Sales Price: $85,000, FMV at date of deceased passage, $85,000 = no gain. So gain will depend on if the value has increased from passage to sale.
To get started, in Wages & Income section, choose Investment Income>Stocks, Mutual Funds, Bonds, Other>Start/Update. Continue to Choose the type of investment you sold and continue. Enter sales details and continue to Tell Us How You Acquired This Home. Go forth from there to indicate Inheritance and date of death. see attachment.
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