Gain or loss is computed on your cost basis, what you originally paid for it, the fair market value of it as of the date of death (if you inherited the property) or the giver's basis (if you received the property as a gift).
To report this sale in TurboTax follow these steps.
- Go to Federal Taxes and Choose Wages and Income.
- Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
- On the screen Choose the type of investment you sold choose Everything Else.
- On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.
TurboTax will complete Form 8949, Sales and Other Dispositions of Capital Assets, to report your gain or loss from the sale.
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