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prchrdelp
New Member

Reporting 1099-S for an inherited house

How do I report a 1099-S for an inherited house in turbo tax? The proceeds were under $60,000 so my understanding is that it falls under the threshold to pay taxes on it, but since there is a 1099-S it still gets filed. I am using TurboTax Home & Business.

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JulieS
Employee Tax Expert

Reporting 1099-S for an inherited house

Yes, you have to report this sale because you received a 1099-S. Here's how to enter it in TurboTax Home Business:
 

 

  1. Open you return. 
  2. Select the Personal tab, then Personal Income.
  3. Select I'll choose what I work on.
  4. Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other, which is under Investments and Savings. 
  5. Answer the first question Yes, or if you already sales here  select Add more sales.
  6. Select the Other tile, then Continue.
  7. Enter Second home as the name, then select Continue.
  8. For type, select Second home.
  9. Answer I inherited it to How did you receive this investment?
  10. For the next few boxes enter the information from your 1099-S. 
  11. 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. 
  12. Select Continue.
  13. 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.
  14. Enter the closing costs you had to pay to sell the property. 
     
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