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scornish5385
New Member

How do I report the capital gain on an estate sale in Turbo Tax?

How do I report the Capital gain from an Estate Property Sale in Turbo Tax?
1 Best answer

Accepted Solutions
tagteam
Level 15

How do I report the capital gain on an estate sale in Turbo Tax?

If the estate, itself, is selling the property, it should be reported on Form 1041.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

 

If possession and title of the property has already passed, then any gain can be reported the same as if a stock, mutual fund, bond, had been sold in the program.

 

Note that the holding period for the property is long-term and the basis is the fair market value on the date of death of the decedent. As a result of the latter, if the property were sold shortly after the death of the decedent, there is likely to be little to no gain.

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2 Replies
tagteam
Level 15

How do I report the capital gain on an estate sale in Turbo Tax?

If the estate, itself, is selling the property, it should be reported on Form 1041.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

 

If possession and title of the property has already passed, then any gain can be reported the same as if a stock, mutual fund, bond, had been sold in the program.

 

Note that the holding period for the property is long-term and the basis is the fair market value on the date of death of the decedent. As a result of the latter, if the property were sold shortly after the death of the decedent, there is likely to be little to no gain.

scornish5385
New Member

How do I report the capital gain on an estate sale in Turbo Tax?

I got my answer.  Thanks very much..

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