Inherited home

I'm using TurboTax Home and Business, I inherited a home and sold it last year. I tried to follow the steps on a previous answer concerning this but I never get the question about how I acquired this property. What are the steps I need to do to get this right? Thanks for your help.

400

Expert Alumni

Feb 3, 2021 2:38:08 PM

You will report the sale of the inherited house in the same section in which you report stock and other investment sales. To enter in TurboTax Desktop:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you sell any investments in 2020?" Answer Yes
Answer No to "Did you receive a 1099-B..."
Enter the details of your sale (date sold, date acquired, sale proceeds, etc.)
Click on "Holding Period" and indicate "Long term (Box F)
Click through the rest of the interview section.

To enter in TurboTax Online:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you sell any investments in 2020?" Answer Yes
Answer "Other" to "OK, what type of investments did you sell?" and click Continue
Answer No to "Did you receive a 1099-B..."
Enter the name of the person or firm that brokered this sale
On the page with "Now we’ll walk you through entering your sale details" for "What type of investment you sold" Indicate "Other"
Indicate "I inherited it" for "How did you receive this investment?
Enter the details of the sale, and the interview will walk you through entering the details of the sale

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Inherited home