Investors & landlords

It depends.  If this was not your home, you should use the best fair market value (FMV) available to arrive at that amount on the date of  death. If the end result is a loss then that is what you are titled to use on your tax return for inherited property.  Keep all of your records with your tax file to show how you arrived at the FMV.

This is considered investment property, report it as follows:

1. Under Wages & Income scroll to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
2. Select Start/Revisit or Add another investment > 
3. Select Add Investments or continue to go through the screens to select 'Other' > Continue
4. Begin to enter the sale description >  Under Type select Other > Under How did you receive select 'I Inherited it' (if applicable)
5. For TurboTax Desktop you would enter the description 'Inherited Property' and select 'Long Term' as the hold period
6. Enter your sale date and 'Various' as the Acquired date (Select Something other than a date if applicable)
7. Continue to complete the screens until you arrive back at the Wages & Income main page.
8. See the image below from TurboTax Online as example.