My siblings and I inherited my parent's home and the home was sold in 2022. I am using home and business turbo tax, but cannot find out where I add this. I looked up in questions that I need Form 1041 and that I now need to purchase Business Turbo Tax. My brothers have already filed their taxes (the live in the same state as our parents, I do not). With the repairs and work on the house before sale, they were told there would not be a capitol gains tax. Where do I input the information about the sale and my portion of the money used for repairs and such? Which Turbo Tax do I need - I finished business and personal and cannot find any area that applies to inheritance.
You report the sale of a house your inherited similar to the way you would report the sale of stock. You do not need TurboTax Business. You can use any version of the CD/Download version of TurboTax, and you can use Premier or Self-Employed if you are using TurboTax Online. To enter:
Because you inherited it, it will be a long term gain/loss. And unless you used it as a business asset or rental property, you will not be able to deduct any loss, as it is personal property.
Thank you. In Home and Business there was a category for Investments and several options below ... with the jump to link I found it. A little confusion even with explanations given by Turbo Tax especially when most of the descriptions were for bonds and such, however, enough of the descriptions alluded to inheritance and such ...so hopefully I entered in all the correct places.