Yes, you will need to upgrade to TurboTax Premier in order to report the sale of the condo. Your inheritance is not taxable, so that does not need to be reported; however, the sale of the condo has to be reported. Your cost basis in the condo is the value of the condo at the time your mother passed away. I think it is a reasonable assumption for an $80,000 condo that there was no appreciation from November to April. Your cost basis would be $40,000, and the sales proceeds would be $40,000 less the sales costs. This would result in a net loss, but since the property is considered "personal property" (as opposed to investment or business property) you cannot realize the loss. Nevertheless, the transaction has to be reported. You will report that in the same section in which you report stock and other investment sales. To enter:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment income in 2022?" Answer Yes
- On the page with "Did you have crypto income in 2022?" Answer No (you can revisit this section later if the answer is Yes). Then click on Continue
- On the page with "Let's import your tax info" click on "Enter a different way"
- Select "Other" to "OK, let's start with one investment type?" and click Continue
- Enter the name of the person or firm that brokered this sale
- On the page with "Now, enter one sale for _______", for "What type of investment you sold" Indicate "Second Home"
- For "How did you receive this investment?" Indicate "I Inherited it"
- Enter the details of the sale, and the interview will walk you through entering the details of the sale
You will report the sale as
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