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Returning Member
posted Jul 13, 2020 6:00:46 PM

Received inheritance from sale of uncles house. What do I need to file?

My uncle died last year and i received some money from the sell of his house. I have a 1099-S and Form 1041 schedule k-1. I don't know how to file this. 

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1 Best answer
Level 15
Jul 13, 2020 6:41:05 PM

On the 1099-S, which names appear as the Filer and the Transferor? On the K-1, which boxes in Part III are populated with numbers?

 

You would be best advised to contact the fiduciary (the executor or administrator) of the estate for clarification.

2 Replies
Expert Alumni
Jul 13, 2020 6:20:22 PM

Did you receive a 1099-S for the sale of the home? If so, select the option below for step-by-step instructions on how to make entries:

Regarding the K-1, here's how to enter a K-1 in TurboTax Online:

  • Open or continue your return.
  • Search for K-1 and select the Jump to link in the search results.
  • This will take you to the Schedules K-1 or Q screen.
  • Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
  • We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

Level 15
Jul 13, 2020 6:41:05 PM

On the 1099-S, which names appear as the Filer and the Transferor? On the K-1, which boxes in Part III are populated with numbers?

 

You would be best advised to contact the fiduciary (the executor or administrator) of the estate for clarification.