topic My parents passed and we had to sell their house. Where do I enter the money from the house I inherited? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2066974#M194387 Fri, 12 Mar 2021 08:54:13 GMT nala-6766 2021-03-12T08:54:13Z My parents passed and we had to sell their house. Where do I enter the money from the house I inherited? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2066974#M194387 Fri, 12 Mar 2021 08:54:13 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2066974#M194387 nala-6766 2021-03-12T08:54:13Z Re: My parents passed and we had to sell their house. Where do I enter the money from the house I... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2067314#M194407 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">To enter the sale of your inherited home, see&nbsp;<A href="https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-the-sale-of-a-second-home-an-inherited-home-or-land/00/26433" target="_blank">Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?</A></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The basis of property inherited from a decedent is generally one of the following:</SPAN></SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The fair market value (FMV) of the property on the date of the decedent's death.</SPAN></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The FMV of the property on the alternate valuation date if the executor of the estate chooses to use alternate valuation.</SPAN></SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">Report the sale on&nbsp;</SPAN><A href="https://www.irs.gov/uac/Schedule-D-(Form-1040),-Capital-Gains-and-Losses" target="_blank"><SPAN style="color:#0082c3">Schedule D (Form 1040)</SPAN></A><SPAN style="color:#444444">,&nbsp;</SPAN><EM><SPAN style="color:#444444">Capital Gains and Losses,&nbsp;</SPAN></EM><SPAN style="color:#444444">and on&nbsp;</SPAN><A href="https://www.irs.gov/uac/About-Form-8949" target="_blank"><SPAN style="color:#0082c3">Form 8949</SPAN></A><SPAN style="color:#444444">,&nbsp;<EM>Sales and Other Dispositions of Capital Assets</EM>:</SPAN></SPAN></SPAN></P> Fri, 12 Mar 2021 13:38:29 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2067314#M194407 HelenC12 2021-03-12T13:38:29Z
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topic My parents passed and we had to sell their house. Where do I enter the money from the house I inherited? in Deductions & credits
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My parents passed and we had to sell their house. Where do I enter the money from the house I inherited?
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Re: My parents passed and we had to sell their house. Where do I enter the money from the house I...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-parents-passed-and-we-had-to-sell-their-house-where-do-i-enter-the-money-from-the-house-i/01/2067314#M194407
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">To enter the sale of your inherited home, see&nbsp;<A href="https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-the-sale-of-a-second-home-an-inherited-home-or-land/00/26433" target="_blank">Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?</A></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The basis of property inherited from a decedent is generally one of the following:</SPAN></SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The fair market value (FMV) of the property on the date of the decedent's death.</SPAN></SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">The FMV of the property on the alternate valuation date if the executor of the estate chooses to use alternate valuation.</SPAN></SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#444444">Report the sale on&nbsp;</SPAN><A href="https://www.irs.gov/uac/Schedule-D-(Form-1040),-Capital-Gains-and-Losses" target="_blank"><SPAN style="color:#0082c3">Schedule D (Form 1040)</SPAN></A><SPAN style="color:#444444">,&nbsp;</SPAN><EM><SPAN style="color:#444444">Capital Gains and Losses,&nbsp;</SPAN></EM><SPAN style="color:#444444">and on&nbsp;</SPAN><A href="https://www.irs.gov/uac/About-Form-8949" target="_blank"><SPAN style="color:#0082c3">Form 8949</SPAN></A><SPAN style="color:#444444">,&nbsp;<EM>Sales and Other Dispositions of Capital Assets</EM>:</SPAN></SPAN></SPAN></P>
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