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?

[vlindsey05]

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

[BobB7]

How was the house used during the eleven months?

[TaxGuyBill]

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

[vlindsey05]

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

[vlindsey05]

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

[BobB7]

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.