Inherited home

[Siron]

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.

[DavidD66]

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