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New Member
posted Jun 6, 2019 12:09:30 AM

Calculating FMV on Sale of jointly-held inherited home

I jointly inherited my parents home in May 2018 with three siblings (25% equal share). We sold it 5 months later and split the net proceeds (~$60,000) equally. The FMV at time of inheritance was $84,000. Nowhere in Turbo Tax (Deluxe) is it asking me to explain that my personal net proceeds are only 25% of the total net proceed, or alternatively, that my cost basis in the house is only 25% of the original FMV. Should I report the FMV of my 25% of ownership to account for this? (i.e. $21,000) 

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1 Best answer
New Member
Jun 6, 2019 12:09:31 AM

Yes, you should report your 25% of FMV and proceeds on your taxes as should your siblings. There instructions below on how to enter the sale. As an aside, be careful with taking the capital loss. That is a pretty drastic drop in value in a period of 5 months.

https://ttlc.intuit.com/replies/4241480

3 Replies
New Member
Jun 6, 2019 12:09:31 AM

Yes, you should report your 25% of FMV and proceeds on your taxes as should your siblings. There instructions below on how to enter the sale. As an aside, be careful with taking the capital loss. That is a pretty drastic drop in value in a period of 5 months.

https://ttlc.intuit.com/replies/4241480

New Member
Jun 6, 2019 12:09:33 AM

It wasn't a loss - the sale price was also $84,000. The $60,000 net proceeds are after the sale expenses and a $18,000 lien on the property. Should that not be part of this equation?

New Member
Jun 6, 2019 12:09:34 AM

My apologies, I did not get that. Yes, sales expenses and lien to be included.