Sale of Inherited House - TurboTax Input Question

[syoung123]

Hello, I have an inherited house that was sold in 2024.  In the TurboTax investment income section - "stock, crypto, bonds.....", I selected "Other" in the "type of investment" box, "I inherited it" in the "how did you receive this investment" box.  What would be a good description for the "description" box?  Should I just put something like "street name",  "street name, house sale" or " street name, inherited house sale", or something else?  Or does it matter since the date acquired box on form 8949 would show "inherited" already?

[MarilynG1]

Yes, you could use the Street Address as the description when reporting the sale of an inherited home.  The 'inherited' designation automatically makes it a long-term investment sale. 

Here's more info on Sale of Inherited Home.

@syoung123 

[syoung123]

To clarify, I can just type in the "street address" to the description, and that is sufficient.  So I don't need to say "sale" or "inherited house sale" since I selected "I inherited it" on "date acquired" box in TurboTax, and TurboTax displayed "Inherited" automatically on column "b" on form 8949?

Just want to make sure that I am doing it correctly.  There is not enough space to type in and display a long description.

[KrisD15 · Accepted solution]

Correct.

The description doesn't really matter, it would only matter if you had many sales and you wanted to keep them separated and identifiable.  

If you had a lot of sales, and you look at your tax forms, you might want name each sale in a way that you know what is being reported where on your forms. 

What you name it won't change the way the sale is handled/reported.