INHERITED PROPERTY

PSL106 — Tue, 24 Feb 2026 03:28:53 GMT

I put in the sale of inherited property but it would not let me take off other expenses or list them.

It said I can only take off $3000. My portion of the sale of the house is $69379. Expenses for getting house ready to sell and fees are $18954. I am at a loss for how to do this. Any suggestions.

Re: INHERITED PROPERTY

PattiF — Thu, 09 Mar 2023 03:27:59 GMT

The sale of the inherited property should be entered in the investment section where you may be able to use the expenses to reduce the gain that you had. The expenses are considered the cost basis of the inherited property.

Click on the Wages & Income tab
Next click on I'll choose what I work on
Scroll down the screen until you come to the section Investment Income
Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
The first screen will ask if you sold any investments during the year, answer
Did you get a 1099-B or a brokerage statement for these sales? Answer No
Tell us about this sale, Click I'll enter one sale at a time
The drop-down boxes can be filled out with the details of the timber sale

Description - inherited house with general location or address
Date sold - your records
Date acquired - your records
Sale proceeds - your records
Cost basis - your cost basis consisting of expenses for house preparation and selling fees

Here is a list of what you can add to the basis.

Home improvements may come into play when you sell your home because they're included in your home's adjusted cost basis. The bigger your basis, the smaller your capital gain, and that means less tax.

To qualify as an increase in the adjusted basis when you sell, the home improvement must:

Add materially to the value of your home; or
Prolong your home's useful life significantly; or
Adapt your home to new uses

If any improvements or repairs were necessary to sell the house, those expenses can be added to the basis.

Here are some examples of improvements:

Remodels and room additions (including decks and porches)
New or upgraded landscaping, irrigation, and sprinkler system
Hardscape such as pavement, block or retaining wall, patio
Fencing
Swimming pool, spa
Storm windows, doors
New roof
Central vacuum or security system
Upgraded wiring, plumbing, and ductwork
Central heating, AC, humidifier
New furnace, water heater
Filtration, soft-water, or septic system
Built-in appliances
New flooring or wall-to-wall carpeting
Upgraded insulation
Satellite dish

And here are some of the deductible fees that you can add to the basis:And some expenses that are listed on the settlement statement can be added to the basis. These include:

Title fees
real estate commissions
documentary stamps
credit report costs
costs of an abstract
transfer taxes
home inspection
flood certificate
attorney fees, etc.

Re: INHERITED PROPERTY

Mike9241 — Thu, 09 Mar 2023 06:55:50 GMT

add the selling expenses to the tax basis.

topic INHERITED PROPERTY in Get your taxes done using TurboTax

INHERITED PROPERTY

Re: INHERITED PROPERTY

Re: INHERITED PROPERTY