Yes, TurboTax Deluxe for Desktop provides the forms you need to report the sale of an inherited property. TurboTax Premier has expanded interviews and specific On Demand Guidance in the program that you may find helpful.
See this FAQ for more info: Where do I enter the sale of a second home, an inherited home, or land?
The basis of property inherited from a decedent is generally one of the following:
1- The Fair Market Value (FMV) of the property at the date of the individual's death.
2- The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. For information on the alternate valuation date, see the Instructions for Form 706.
3- The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. This method is discussed later.
4- The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. For information on a qualified conservation easement, see the Instructions for Form 706.
If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes.
Note that the cost of any improvements or repairs you made are not deductible but will instead be added to your inherited basis for the property.
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