Yes, TurboTax Premier is used for sales of stocks, bonds, mutual funds and property. As you begin to enter your sale TurboTax will walk you through this change process.
The 1099-S you received should show only your portion of the selling price. This inherited property would be considered investment property and will be reported on a Schedule D.
Inherited property usually has a stepped up basis which means the basis would be the value on the date of death, as long as there were no transactions prior to death where the property was transferred into any of the children's names by gift or sale. You would use your share of the basis as your cost when entering the sale.
In TurboTax Premier use these steps after you sign into your account.
- Federal Taxes Tab
- Wages & Income
- Scroll to Investment Income
- Show more
- Stocks, mutual funds, bonds, other
- Follow the prompts
- Type of investment would be "everything else"
- Select Inheritance (important - it's always considered held long term which provides a special tax break)