Yes, you have to report this sale because you received a 1099-S. Here's how to enter it in TurboTax Home Business:
- Open you return.
- Select the Personal tab, then Personal Income.
- Select I'll choose what I work on.
- Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other, which is under Investments and Savings.
- Answer the first question Yes, or if you already sales here select Add more sales.
- Select the Other tile, then Continue.
- Enter Second home as the name, then select Continue.
- For type, select Second home.
- Answer I inherited it to How did you receive this investment?
- For the next few boxes enter the information from your 1099-S.
- For Fair market value when previous owner passed away, enter the value on the date of death, unless an estate has established an alternate valuation date.
- Select Continue.
- On the screen Let us know if any of these situations apply to this sale, select I paid sales expenses that aren't included in the sale proceeds reported on the form, then Continue.
- Enter the closing costs you had to pay to sell the property.
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