form 1098 -S selling an inherited house short term with no capital gains help filling out boxes filling out under investments

[mypersonalmessages]

I really need some guidance.

I have a turbotax home and business., which i do every year.

Unfortunately my mother died. In August 2019. we had a TOD on the house.  i then sold the house in may 2020. there was no capital gains, as we sold it for less than it was assessed for at the time of the transfer.

i got a 1099-S from the escrow company

1. i went to investments in Turbo Tax home and business which i purchased at the store.

2. i see the place where you fill in the boxes. i know  i fill in holding period as short term 

3.. so what do i put in the 2 boxes that ask..  sale proceeds and cost or other basis???

the house was assessed for 865,000,  and it was sold at 835,000. i had paid the taxes up until the date of sale which was about 700$.  box 6 on the 1099 says 184.07. the realtor took 35,000$ 

5. also where do i put the value of the house when transferred to show that i had no capital gains?

6. also when i filled it out it says i have a 60,000 capital loss. i am not sure if that i filled it out right, but now it shows i can claim a loss? 

thank you so much for your time. i am totally overwhelmed. i hope you can assist me. thank you soooo much

Optio

[M-MTax]

The holding period is NOT short term....it is long term automatically because you acquired the property from a decedent and your basis is the FMV as of the date of death of the decedent.

You enter your gross sales proceeds and then you can subtract out selling expenses like broker's commissions.

You have to indicate whether the property was held for investment or personal use. If held for personal use you are taxed on any gain but cannot deduct a loss.