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twhite9
New Member

I sold my moms house upon her death. The house was in mine and my brothers name with mom having lifetime rights. How do I enter this in my taxes?

I received a substitute 1099-S from the atorney
2 Replies
martinmarks1919
Level 9

I sold my moms house upon her death. The house was in mine and my brothers name with mom having lifetime rights. How do I enter this in my taxes?

You're splitting this with your brother....your basis is FMV as of date of death of your mom. You will not have any gain if you sold shortly after your mom's death and might have a loss after expenses. Enter as sale of investment if you and your brother did not live there.

JoannaB2
Expert Alumni

I sold my moms house upon her death. The house was in mine and my brothers name with mom having lifetime rights. How do I enter this in my taxes?

First, the basis of the house must be determined to calculate the gain.  The basis of an inherited property was the Fair Market Value of the property on the date of the decedent (mother of date of death) (plus any improvements).  If the property was sold for more than the basis of the property, you have a gain and must be reported on Schedule D.  You can follow the steps below to enter the gain of the home

  1. Log in Turbo Tax Online.
  2. Scroll down, Click Tax Tools, then Tools.
  3. Under Topic search, type Schedule D and click go.
  4. On Schedule D, click yes on "Did you sell stocks, mutual funds, bonds, or other investments in 2020".
  5. Choose Other on " Ok. what type of investment did you sell".
  6. The next screen is about the sale.  If you received 1099-S, enter the information, otherwise click continue.
  7. click "other: on "Now we'll walk you through entering your sale details".
  8. Under How did you receive this investment, choose I inherited it".
  9. Enter the description and date of sale or disposed, proceeds, and the Fair market value of the property (date deceased).
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