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ebiete
New Member

Sold inheritance home that I was the executor, the proceeds was distributed evenly to 5 beneficiaries. How is this inputting in turbo tax

The FMV was higher the date of my mother's death from the date the house was sold. Can I claim the lost and if so how do I submit in turbo tax?
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LinaJ2018
Intuit Alumni

Sold inheritance home that I was the executor, the proceeds was distributed evenly to 5 beneficiaries. How is this inputting in turbo tax

Yes, you can claim the losses to reduce your total taxable income.  Make sure to enter only your portion of the information including proceeds and the cost so the program can calculate your taxes accurately.

You will enter the information under the investment section in TurboTax program by following these steps:

1.  After sign into your account, select Take me to my return 

2.  At upper right corner, search for this exact phrase: sold second home

3.  In the search results, click Jump to sold second home 

4.  Answer Yes on the screen, Did You Sell Any Investments? 

5.  Follow the on-screen instructions to completion- on screen, Choose the type of investment you sold -                                    select Second Home

6.  Fill out screen Enter Second Home Sale Information

7.  On screen Tell Us How You Acquired This Home, select Inherited 

8.  Continue to enter your information


 

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