Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 3:17:27 PM

Inherited 1/3 interest in a house, sold it 11mo. later. Took $15,000 less than the appraised ($65,000) value. Where do I enter this information? Will I get a credit?

The $15,000 loss would be divided 3 ways so mine would be $5000.

0 5 773
5 Replies
New Member
Jun 4, 2019 3:17:29 PM

How was the house used during the eleven months?

Level 9
Jun 4, 2019 3:17:30 PM

Why was it sold for much less than the appraised value?

New Member
Jun 4, 2019 3:17:31 PM

It was empty, was not being used.  Sold for less due to slow market, anxious to sell.

New Member
Jun 4, 2019 3:17:33 PM

which turbo tax question do I respond to to get this entered? Which section does it go under?

New Member
Jun 4, 2019 3:17:34 PM

Assuming it was appraised at $65000 for estate purposes and that none of the heirs used it for personal use during the 11 months then you need to treat is as real estate held for investment and take a capital loss.  Since it is inherited property that loss is treated as a long term loss.