Yes, you report the sale in the Investments section of TurboTax under "other" for inherited property.
Your sales price is your 1/3 share of the proceeds less the 1/3 of the selling expenses.
Your cost basis of the property is the 1/3 value on date of death.
To
enter your 1/3 house sold
Click
on Federal Taxes
Click
on Wages and Income
Click
on I'll choose what I work on
Scroll
down to Investments
On
Stocks, Bonds, Other, click the start or update button.
Chose "Other" and list it is Inherited as this gets favorable Long Term Gain tax treatment.
Based on the facts in the question, you may have a loss on the sale.
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