I was on the Title of a Home (Inherited) that was sold in 2024.
I received a 1099S reflecting the sale.
All of the Turbo Tax posts I've read say to input the 1099S under "Less Common Income", Sale of a Home.
The people asking previous questions lived in the home, I did not (It was not my primary home). Do I still put in my 1099S information under "Less Common Income, Sale of a Home?
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No. If you did not live in the home you will enter it as a sale of investment property (even though it was inherited)
You would enter the sale of the land by clicking the following:
Note, your navigation sequence may be slightly different. You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.
Since you did not live in the home, you enter the sale as investment income that you inherited.
To enter an investment sale -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
Using the online editions -
On the screen Did you have investment income in 2024? click on Yes
On the screen Let's import your tax info click on Enter a different way
On the screen OK, let's start with one investment type, select Other and Continue
On the screen Tell us more about this sale enter a Name and Continue
On the following screen select the type of investment sale on the dropdown What type of investment did you sell?
Continue with this section until it completes.
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