Hi, I co-inherited a home last year (2020) and then sold it (2020). Where do I report this in turbo tax? Also, I am a single mother and full time student.

[dawnlarimar]

I just need to know which turbo tax to use for this. Thank you.

[Cynthiad66]

You will need  to use TurboTax Premiere to file the return with the sale of inherited property.

Here's where to report the inherited property

Your basis in inherited property generally is the Fair Market Value of the property as of the date of death of the decedent. See this link to the IRS discussion of inheritances. You would need TurboTax Premier online to  report this sale.

1. Report this as Investment income, under Stocks, Mutual Funds, Bonds, Other.
2. Say that you did sell investments in 2020, and you did not receive a 1099-B. 
3. Under Choose the type of investment you sold, select Everything Else.
4. On the next screen, you could describe the property as “Inherited Real Estate”, and enter the net proceeds and the date of sale.
5. On the next screen, check that you acquired the property as an inheritance.
6. Enter the date you inherited the property, and the Fair Market Value at the time of the inheritance.
7. The gain or loss on the sale of inherited property will be con