topic 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." in Retirement tax questions

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."

gina-bowlin — Tue, 04 Jun 2019 20:49:50 GMT

You need to report this as a sale under Investment Income...

IsabellaG — Tue, 04 Jun 2019 20:49:51 GMT

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.

Re: You need to report this as a sale under Investment Income...

Kbatem01 — Mon, 10 Apr 2023 17:20:00 GMT

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