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Struggling to report estate inheritance that was sold. I got a 1099-S for it but not primary home. I upgraded to Premier so that I could enter the information, but then when I go to begin entry, it feels like I am entering a different kind of "income."

 
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IsabellaG
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Struggling to report estate inheritance that was sold. I got a 1099-S for it but not primary home. I upgraded to Premier so that I could enter the information, but then when I go to begin entry, it feels like I am entering a different kind of "income."

You need to report this as a sale under Investment Income. Because it is inherited property, the cost basis is considered to be the Fair Market Value of the property as of the date of death. 

In TurboTax for Premier,report the sale under the Federal Taxes Tab, , under Wages and Income. 

Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.

On the  screen Choose the type of investment you sold choose Everything Else.

Enter the sale date and the sales proceeds.

On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.

See the screenshots below.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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2 Replies
IsabellaG
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Struggling to report estate inheritance that was sold. I got a 1099-S for it but not primary home. I upgraded to Premier so that I could enter the information, but then when I go to begin entry, it feels like I am entering a different kind of "income."

You need to report this as a sale under Investment Income. Because it is inherited property, the cost basis is considered to be the Fair Market Value of the property as of the date of death. 

In TurboTax for Premier,report the sale under the Federal Taxes Tab, , under Wages and Income. 

Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.

On the  screen Choose the type of investment you sold choose Everything Else.

Enter the sale date and the sales proceeds.

On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.

See the screenshots below.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Kbatem01
New Member

Struggling to report estate inheritance that was sold. I got a 1099-S for it but not primary home. I upgraded to Premier so that I could enter the information, but then when I go to begin entry, it feels like I am entering a different kind of "income."

This solution doesn’t work with the 2022 version of Premiere. 

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