topic Selling Property in Get your taxes done using TurboTax

Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:05:21 GMT

My parents passed away and I sold their house. Proceeds were split 4 ways. I received 20k. How do I report it? Do I report the total or what was given to me?

Re: Selling Property

RobertB4444 — Wed, 26 Jan 2022 22:13:43 GMT

You (and the three others that you split with) are each going to enter one fourth of the sale onto your tax return. You will input the sale and then the value of the money received at one fourth and the value that was paid (the basis - which in this case is the value of the house on the day that your parents passed away) for the property. If there is a profit showing at that point you will pay taxes on the gain.

Here is another example

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:22:41 GMT

So let's use this equation: house sold for 85k. After fees, 82k was left over. And beneficiaries got 20k each....where do I go from here?

Re: Selling Property

MayaD — Wed, 26 Jan 2022 22:31:11 GMT

You should report it as investment sale.

Login to your account.
Select Federal from the left menu
Go to Wages and Income
Scroll down to Investment Income.
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Select Other for What type of investment did you sell?
Select I inherited for How did you receive this investment?
Increase the basis (FMV) of the inherited property by the allowable closing costs.

You can deduct the selling expenses(your share) from the gross proceed.

Sales expenses include:

commissions
appraisal fees
broker's fees
legal fees
advertising fees
home inspection reports
title insurance
transfer taxes or fees
geological surveys
loan charges (points) or other fees paid on the buyer's behalf
any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:35:32 GMT

I got a 1099-S does that make a difference?

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:37:16 GMT

And do the previous instructions still apply?

Re: Selling Property

MayaD — Wed, 26 Jan 2022 22:41:59 GMT

No. The steps mentioned above takes you to the section where you would report the 1099-S form.

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:44:06 GMT

I think I got it! When I do complete my taxes, will there be reps available if I get stuck?

Re: Selling Property

Vanessa A — Wed, 26 Jan 2022 22:49:34 GMT

Yes, you can contact a live agent on the phone anytime you get stuck. You can also message us in care.

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:50:36 GMT

When is the earliest I can file?

Re: Selling Property

DawnC — Wed, 26 Jan 2022 22:54:20 GMT

The IRS is accepting returns now.

Re: Selling Property

Myaccount1 — Wed, 26 Jan 2022 22:56:16 GMT

How can I save the information given today?

Re: Selling Property

RobertB4444 — Wed, 26 Jan 2022 23:02:56 GMT

Copy and paste these words into a document on your computer. Or print them out.