Do I need to claim inheritance money? If so, where do I enter it?

sorry for your loss, 

Anyway the simplest thing is to report thus as a sale of the capital asset 1/3 each (in TurboTax the investment section for stocks bonds and other)  Your tax basis is 1/3 the fair market value on the date of death of your mother.  

 

Yes, you have to report the sale on your tax return, but you may not owe any tax because of it. 

 

I am assuming that by property, you mean your mother's home. If that's not right, reply back with more details of what property you inherited. 

 

 

 

1. Sign in to TurboTax. 
2. Select Income & Expenses.
3. Select Pick up where I left off or Start.
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 Enter a different way.
7. Select the Other tile, then Continue.
8. Enter Second home as the name, then select Continue.
9. For type, select Second home.
10. Answer I inherited it to How did you receive this investment?
11. For the next few boxes enter the information from your 1099-S. 
12. 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. 
13. Select Continue.
14. 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.
15. Enter the closing costs you had to pay to sell the property. 

 

I'm sorry for your loss. If you need anything else, please feel free to reach out again.