How do I report the capital gain on an estate sale in Turbo Tax?

Forum|Forum|4 years ago
September 8, 2022
2 replies
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How do I report the Capital gain from an Estate Property Sale in Turbo Tax?

TurboTax Online

Best answer by Anonymous_

If the estate, itself, is selling the property, it should be reported on Form 1041.

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

If possession and title of the property has already passed, then any gain can be reported the same as if a stock, mutual fund, bond, had been sold in the program.

Note that the holding period for the property is long-term and the basis is the fair market value on the date of death of the decedent. As a result of the latter, if the property were sold shortly after the death of the decedent, there is likely to be little to no gain.

Anonymous_Answer

Level 15

If the estate, itself, is selling the property, it should be reported on Form 1041.

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

If possession and title of the property has already passed, then any gain can be reported the same as if a stock, mutual fund, bond, had been sold in the program.