You'll need to sign in or create an account to connect with an expert.
You're splitting this with your brother....your basis is FMV as of date of death of your mom. You will not have any gain if you sold shortly after your mom's death and might have a loss after expenses. Enter as sale of investment if you and your brother did not live there.
First, the basis of the house must be determined to calculate the gain. The basis of an inherited property was the Fair Market Value of the property on the date of the decedent (mother of date of death) (plus any improvements). If the property was sold for more than the basis of the property, you have a gain and must be reported on Schedule D. You can follow the steps below to enter the gain of the home
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
deepnutz
New Member
15dc083676f9
New Member
corpuscalossum
New Member
glerbnik84
Level 3
mahad88
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.