AmyT
New Member

Retirement tax questions

You will need to enter the sale information into TurboTax, as the IRS has a matching program for all information returns (such as 1099-S).

The good news is that it should not result in taxable income, as your basis (amount of investment) in the property can be treated as the same as the sale amount.  When someone passes away, their assets can be revalued as of the date of death.  Since the house was sold in such a short timeframe, it is reasonable to treat the selling price as the value of the house when you received it (you will enter the same amount for the selling price and for the basis/cost).

Please follow the instructions below to enter the sale in TurboTax (treat it a selling a second or investment home):

https://ttlc.intuit.com/replies/4790340

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