topic MY MOTHER PASSED AWAY IN JAN. 2019, THE HOUSE WAS WILLED TO ME HER SON. I SOLD THE HOUSE IN NOV. 2019 123,000 DO I DO ANYTHING ON MY RETURN. in Deductions & credits

MY MOTHER PASSED AWAY IN JAN. 2019, THE HOUSE WAS WILLED TO ME HER SON. I SOLD THE HOUSE IN NOV. 2019 123,000 DO I DO ANYTHING ON MY RETURN.

jbtolley — Fri, 07 Feb 2020 16:03:09 GMT

Re: MY MOTHER PASSED AWAY IN JAN. 2019, THE HOUSE WAS WILLED TO ME HER SON. I SOLD THE HOUSE IN NOV. 2019 123,000 DO I DO ANYTHING ON MY RETURN.

Anonymous_ — Fri, 07 Feb 2020 16:19:58 GMT

"DO I DO ANYTHING ON MY RETURN."

The basis of the house is stepped up to the fair market value as of the date of death of your mother, provided the house was included in her gross estate. The difference between that basis and your sales price (less expenses) would be the gain (or loss) on the transaction.

Note that you will have to report the sale since, I presume, you will receive (or did receive) a 1099-S.

I am sorry for your loss.

Re: MY MOTHER PASSED AWAY IN JAN. 2019, THE HOUSE WAS WILLED TO ME HER SON. I SOLD THE HOUSE IN N...

HelenC12 — Fri, 07 Feb 2020 16:27:48 GMT

I'm so sorry for your loss.

Yes, you would enter the sale of your inherited home in the investment section of TurboTax.

You may receive form 1099-S that reports the sale information. Regardless, it's entered the same way in TurboTax.

When entering the sale information, you'll be asked to enter your cost. The cost is the Fair Market Value at the date of your mother's passing. If that value is the same on the date it was sold, enter your cost basis equal to your sales proceeds. You will neither have a gain nor a loss but the sale will be reported to the IRS.

To enter, follow these instructions:

Open or continue your return in TurboTax.
In the search box, search for sold second home and select the Jump to link in the search results.
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
- If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
Answer No to the 1099-B question.
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

Source: TurboTax FAQ