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New Member
posted Jun 4, 2019 8:07:08 PM

Sale of Inherited Home

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.

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2 Replies
New Member
Jun 4, 2019 8:07:10 PM

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

Level 15
Jun 4, 2019 8:07:11 PM

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