Inherited property

[cm232]

I am trying to figure out how to input this information.  I am within Capital Gains section of Investments.

This is inherited property, sold for 440k, but I only received 25% after closing costs, etc.  Each sibling received 25%.

What do I put in the sales proceeds and the cost sections?

Do I put 440k in sales and the cost at 102k?

Thank you

[SharonD007]

No, do not report the entire amount since you only inherited 25% of the property. You will report your portion of the sale of the property in the investment income section of TurboTax. Treat the transaction as if the total value is your 25% portion. (Report 25% of the proceeds and 25% of the basis (cost)). 

For inherited property, the holding period will always be "long term," and your cost basis will be the value of the property on the date of death of the original owner (unless the estate elected an alternate valuation date, but this is not common). 

Here are the steps to enter the transaction into TurboTax:

1. Click on Wages & Income.
2. Scroll down to Investment & Savings
3. Select Add investments
4. Select Other (land, second homes, personal items 1099-s)
5. Follow the interview questions to enter the sale. For the type of investment, select "second home" to get the most appropriate questions and categories for your sale. 

Fore more information, please review the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

[cm232]

Thank you!