Had 25% of moms house put in my name in 1990,momlived in it till she just passed,now we just sold it,do I owe taxes on it?Massachusetts is the state it's in.

[MichaelL1 · Accepted solution]

I assume now you are asking on how to report the sale.

The sale would be shown in the Investments Section of TurboTax.

You basis (or cost) of the home would be made up of two parts.  

25% from 1990 and 75% on date of death.

The 25% on the gift in 1990 would be your mothers cost of 25% of the house or the Fair Market Value at the time, whichever is lower.  

The 75% would be the value of 75% of the house on date of death.

You would add these two together for your cost.

To show the sale in TurboTax go to Income section,

To enter your Investments 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

[sylvias]

What version of Turbo Tax would you purchase in this case?

[MichaelL1]

Due to sale I would purchase TurboTax Premier, which would ask you detailed questions on Sale of Assets. 

[Critter-3]

If you use the ONLINE program you must use the Premier version.   If you choose the Downloaded version then any of them will do so start with the Deluxe (Basic if you don't need a state return) and only upgrade to the Premier if you feel you need the extra help.   The basis calculation  is something you must do yourself ... none of the programs will help with that calculation.