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posting sale of an inherited home with multiple heirs

My uncle passed away and owned 3 homes that were passed on to my 4 siblings and myself.   The homes were in disrepair so they were sold under the assessed value at time of death.  Each 1099-S has the amount that I was paid for the proceeds, which was 20 percent of the NET PROCEEDS but there doesn't seem to be a place in Turbo Tax to put my portion of the basis value.  It is very unclear, and I even paid the tax professional in Turbo Tax to help, but have not been helped with how to enter these numbers.  I assume that each transaction will be handled the same, but I can't even get answers for even 1.  Any help is appreciated

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1 Reply
AmyC
Expert Alumni

posting sale of an inherited home with multiple heirs

Follow these steps to enter each of your 1099-S forms (note there are differences in the words and pictures between programs):

  1. Locate federal income
  2. Select investment income for Stocks, Bonds, Other
  3. Select second home / 1099-S
  4. Enter information
  5. Select that you inherited the home
  6. Enter your 1099S for the proceeds.
  7. Enter the fair market value.
  8. Another screen asks about sales expenses.
  9. Add your next form and repeat the steps until done. 

 

See Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

 

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