Yes, if it was not used by you as a personal home. If it happens to be a collectible versus real property select Collectible as the type of property instead of 'Other' for example. In 'How did you re...
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Yes, if it was not used by you as a personal home. If it happens to be a collectible versus real property select Collectible as the type of property instead of 'Other' for example. In 'How did you receive this investment' you still select 'I inherited it'.
Your cost basis is the fair market value on the date of death of the decedent, plus the capital improvements (not repairs but improvements that are capital in nature). The expenses of sale will reduce any gain or increase any loss as well. This is entered as the sale of investment property and can be entered as follows.
Enter the inherited property sale in TurboTax using the steps provided.
Open or continue your return: Choose the Search box and type 'sale of second home' then use the Jump to link to enter your inherited sale) or follow the menu. In TurboTax Online select 'See more' in the FAQ then click 'sold second home'.
Under Wages & Income scroll to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2025? screen
If you land on the Your investment sales summary screen, select Add More Sales
On the OK, let's start with one investment type screen, select Other, then Continue
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
On the next screen, select Other (choose this also for inherited homes) then select I inherited it under How did you receive this investment? (For TurboTax Desktop you can enter a description of 'Inherited Home' and long term holding period).