Inherited home sale

[Siron]

I'm using Turbo Tax Home and Business 2020 and cannot figure out how to enter the sale of an inherited home. I have tried to follow the steps of other posts but nothing is the same as what is posted. I answer "no" to the question did I get a 1099-B and then I get lost??? I never get asked how I acquired the property and nothing is similar to the posts on how to do this.

[tagteam]

Type "Inherited" for the Date Acquired and then select Long term (Box F) from the dropdown.

[JotikaT2]

It sounds like you are in the correct area, but let me walk you through just to be sure.

1. Select the Personal tab and select Personal Income
2. Select I'll choose what I work on under the section titled I'll explore on my own
3. On the next page, scroll down to the section titled Investment Income
4. Select Stocks, Mutual Funds, Bonds, Other
5. Select Add More Sales or Edit if you already started your input on the screen titles Here's all the investment accounts we have so far.
6. The next page will ask you Did you get a 1099-B or a brokerage statement for these sales?.  Select No.
7. On the next screen, select I'll enter one sale at a time
8. Proceed to enter the information as it applies to your situation

The gain or loss will be reported as a capital gain or loss on Schedule D.  

[tagteam]

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@JotikaT2 wrote:

The gain or loss will be reported as a capital gain or loss on Schedule D.  

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Except the user must be aware of whether the home was held for investment or personal purposes. 

If the latter and there is a loss, the loss is not deductible so the user needs to check the appropriate box on a subsequent screen in the Stocks, Mutual Funds, Bonds, Other section.

[Anonymous]

I have to do this too. I put in the Date of Death for Acquired Date.  It was in a life estate. You situation could be different. I used the value at date of death as the cost basis since I am allowed to take the stepped-up cost basis.  Actually it was half because my sister and I both inherited.