Sale of a inherited house

[MikeAM]

My mother passed away and we sold her house and per the will the money was split 3 ways. So my questions are.

1. Are these funds reportable on taxes sense they are from an inheritance.  We did get an 1099-S from the title company.

2. If so where in TurboTax deluxe do I enter this amount.  We did take a loss on the house and did get an K-1 from the estate taxes filed. 

Mike

[SharonD007 · Accepted solution]

Yes, the funds are reported on your tax return. You will use the information from Form 1099-S when you enter the sale from your inherited property.  The sale will be entered in the Investment Section of Income & Expense. Refer to the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

Please accept my condolences for your loss.

[NCperson]

@MikeAM yes, they are reportable and you get to take advantage of the loss on sale.