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stevel2
New Member

Inherited my fathers house in 2010..sold for a loss...where do i deduct the $3000 loss..i have done this through the years but can't find the page.

 
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DianeW
Expert Alumni

Inherited my fathers house in 2010..sold for a loss...where do i deduct the $3000 loss..i have done this through the years but can't find the page.

This inherited property would be considered investment property and will be reported on a Schedule D.

Inherited property usually has a stepped up basis which means the basis would be the value on the date of death, as long as there were no transactions prior to death where the property was transferred into your name by gift or sale.  

In TurboTax Premier (online or desktop) use these steps after you sign into your account.

  • Federal Taxes Tab
  • Wages & Income
  • Scroll to Investment Income
  • Show more
  • Stocks, mutual funds, bonds, other
  • Follow the prompts
  • Type of investment would be "everything else"
  • Description
  • Select Inheritance (important - it's always considered held long term which provides a special tax break)

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1 Reply
DianeW
Expert Alumni

Inherited my fathers house in 2010..sold for a loss...where do i deduct the $3000 loss..i have done this through the years but can't find the page.

This inherited property would be considered investment property and will be reported on a Schedule D.

Inherited property usually has a stepped up basis which means the basis would be the value on the date of death, as long as there were no transactions prior to death where the property was transferred into your name by gift or sale.  

In TurboTax Premier (online or desktop) use these steps after you sign into your account.

  • Federal Taxes Tab
  • Wages & Income
  • Scroll to Investment Income
  • Show more
  • Stocks, mutual funds, bonds, other
  • Follow the prompts
  • Type of investment would be "everything else"
  • Description
  • Select Inheritance (important - it's always considered held long term which provides a special tax break)
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