I received a 1099S from the sale of my parents' house left to me in their estate. Do I report this as income like the sale of personal real estate?

[KrisD · Accepted solution]

You will enter the 1099-S, but also report that it was inherited. The sale will not be taxable unless it increased in value between the date you inherited it and the date you sold it. 

Please open your account and start your return

Click on 

Federal 

Wages & Income

You may need to choose "I'll pick what to work on" and scroll down to "Investment Income"   Show More

Click Start (or Revisit) next to "Stocks, Mutual Funds, Bonds, Other" 

"Did you get a 1099-B?" Click No

"Choose the type of investment.." Click "Everything else" and Continue

Follow the screens to enter the investment information. 

You will need to enter the date and value when it was inherited or purchased. 

[neeter83]

It does not give you the option in turba tax to choose what type of investment