I was on the phone for 40 minutes with the TurboTax help line tax person. We figured it out.
1) Under help choose 1099-S
2) Jump to the 1099-S page
3) This page will show several types of investments, choose OTHER / 1099-S
4) Enter name from 1099-S (for us this was Chicago Title Company, LLC)
5) Next Screen, Choices
What type of investment did you sell? ANSWER: Other
How did you receive this investment? ANSWER: I inherited it
Description: ANSWER: for us (One fifth share from sale of mom condominium)
Date Sold or Disposed: ANSWER: From Box 2 of your 1099-S - GROSS PROCEEDS
Fair Market Value when previous owner passed away: ANSWER: Same as answer to above box (Assuming that the condominium was sold upon owner's death and funds promptly distributed to inheriting children
We did not check the "I have more info to enter that I don't see here
6) Proceed to next screen
7) Click the box that shows that you paid expenses not reflect in the GROSS PROCEEDS
😎 Enter the difference between GROSS PROCEEDS and the NET CHECK that you received from the Title Company
9) Continue --- This will result in a LONG TERM CAPITAL LOSS and be recorded on SCHEDULE D
10) If the loss exceeds $3000 it will be capped and you will have a LONG TERM CARRY OVER LOSS TO THE NEXT YEAR
GOOD LUCK and THANKS TO TURBO TAX SUPPORT
