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My grandparents home was sold. The funds were divided into 8 equal parts. I received my deceased mother's portion. where do i enter this amount

 
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3 Replies
JosephS1
Expert Alumni

My grandparents home was sold. The funds were divided into 8 equal parts. I received my deceased mother's portion. where do i enter this amount

You do not.  Any tax that would be due on an inheritance is called an estate tax and would be paid from the estate by the executor/executrix.  You may have state estate tax to pay as an inheritor but that is beyond the scope of TurboTax.

 

@kimstanley72 

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My grandparents home was sold. The funds were divided into 8 equal parts. I received my deceased mother's portion. where do i enter this amount

I received my deceased mother's portion........

 

Did you receive a tax reporting statement, such as a K-1 (1041)? 

 

It is likely that the funds you received are not taxable if the sale of your grandparents' home resulted in no gain (or even a loss). You would need to ask the fiduciary of the estate (the person responsible for settling the estate and preparing any income tax returns due) for clarification.

ErnieS0
Expert Alumni

My grandparents home was sold. The funds were divided into 8 equal parts. I received my deceased mother's portion. where do i enter this amount

@Anonymous_ is correct. You will probably receive a Form 1041 Schedule K-1 showing your share of the home sale.

 

The estate income tax return (Form 1041) does not have to be filed until April 18. If you know who is handling the estate, you can ask them whether they will be filing Form 1041 so you can expect it.

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