I received, then sold a car from my parent's estate. I don't have a k-1 so, how do I report this? Also - it was a gift, do I still need to report it?

[DianeW777]

It depends. It's not quite clear if you inherited the car or your parents gave you the car.  I will answer on the assumption it was inherited first because it came from their estate.

If you inherited the car and then sold it you will report the sale as follows. 

1. If you ever used the car for personal purposes yourself before selling it, and if there is a loss, there is nothing to report. If there is a gain you must report the sale. (Same for gift.)
2. If you sold it immediately after receipt of the car and did NOT use it for personal purposes you will report the sale gain or loss.

Inherited cost basis: Your cost basis would be the fair market value on the date of death of your parents. You would use this cost basis when entering the sale. Be sure to select that is was inherited, if this is the case, because long term capital gains will apply.

Gift cost basis: If your parents gave you the car while they were still alive your cost basis is determined on whether there is a gain or loss on the sale.

To figure out the basis of property received as a gift, you must know three amounts:

• The donor's adjusted basis just before the donor made the gift.
• The fair market value (FMV) of the property at the time the donor made the gift.
• The amount of any gift tax paid on the gift (may not be any if they had or have not reached the lifetime limit)
  • Your adjusted basis for figuring a gain is the donor's adjusted basis just before the donor made the gift, increased or decreased by any required adjustments to basis while you held the property. 
  • Your adjusted basis for figuring a loss is the FMV of the property at the time the donor made the gift, increased or decreased by any required adjustments to basis while you held the property.

Note: If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither a gain nor loss on the sale or disposition of the property.  IRS Gift FAQ

How to report in TurboTax: Where do I enter investment sales?

• For inherited property select that or enter 'Various' as the purchase date and long term holding period (more than one year)
• For  gift property you will use the date acquired by your parents.