Inherited Property Sale

[Groves65]

How do I list Inherited Property Sale? It was a combined home sale between six siblings.

[ColeenD3]

Did you each get your own 1099-S or did you get one with one amount of income that you will split?

Basically, you would report this as the sale of a second home and you would divide the basis, sales price, and expenses of sale between the six of you.

TurboTax Online

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
4. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
5. When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  
6. Enter the requested information and click Continue when done.

[Groves65]

Can I use TurboTax Deluxe??

[HelenC12]

@Groves65 

The sale of an inherited home is considered an investment sale and you need to enter this info in the investment section of TurboTax.

• Yes, you could use TurboTax Deluxe if you use the CD\Download version.
• No, you won't be able to use TurboTax Online Deluxe version,. You'll need to use the TurboTax Online Premier or higher version. 

Whenever you sell a capital asset held for personal use at a gain, you need to calculate how much money you gained and report it on a Schedule D. Depending on your situation, you may also need to use Form 8949. Capital assets held for personal use that are sold at a loss generally do not need to be reported on your taxes. 

• The loss is generally not deductible, as well.

[Edited 03/07/22|5:59 am PST]