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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