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Gingers
New Member

Inherited Home Sold and proceeds split

How would i go about putting this in on my turbotax. The home sale was mid to late 2025 and i had state tax withheld at the time of sale. Proceeds were split due to mortgage from previous owner and then whatever was left after that payout was split 2 ways between my sibling and I. I have it under the investments section under "other" and "I inherited it" but once done it shows i have a massive loss since i didnt take 100% of the house payout only my share. Do i need to care about the massive loss listed? or is there some hidden section where i can make it clear how the payouts were made?

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1 Reply
M-MTax
Level 15

Inherited Home Sold and proceeds split

It sounds like you just need to make an adjustment that does NOT include the mortgage. The mortgage balance does NOT factor into the gain/loss equation.

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