Sale of Inherited Home

[fmj521]

Inherited a home and sold for  more than fair market value.  Can I deduct the selling costs to offset the gain?  If yes how do you enter the selling costs as TurboTax does not prompt to enter selling costs.  I am entering in Investment Income(Bonds, Stocks) section.

[RichardG]

Yes, those costs are deductible.  Subtract the sales expenses from your total proceeds and enter that figure into TurboTax.  

[fanfare]

Selling Expenses are entered separately when using TurboTax to report a home sale.