turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jedtaub
New Member

How to list 1/2 house inherited from mother. who died 11/30/2020. House in family for 40+ years, no date/basis available.

Executrix is family, cotenant, no communication. Our lawyer no help.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KrisD15
Expert Alumni

How to list 1/2 house inherited from mother. who died 11/30/2020. House in family for 40+ years, no date/basis available.

You will need to enter the sale and the TurboTax program will need to know your "basis" (cost/value) since the IRS will require that. Your basis would be your half of the Fair Market Value of the property on the date of death. 

 

You will need to obtain the fair Market Value for 11/30/2020.

 

I suggest you contact an Appraiser or Real Estate Broker to give you an estimated value for that date. 

 

Once that value has been determined, enter half of everything (basis, sale proceeds, sale expenses) to get to your share of the Capital Gain or Loss.  

 

IRS Link 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question