My wife inherited her mother's primary resident in late 2023. We sold the home in June 2024 (house was in Florida, we're NC residents). Where do I enter this information on TT? When I started my return, it asked if there was a sale of a second home but I've gone through all the sections and it never came up.
Enter under
Wages & Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
Select "Add investments" if needed
Select "Skip Import" if needed
Select "Other" for the investment type
Be sure to select "I inherited it" for how you received the investment.
The basis (your cost or value) of Inherited property is valued on the date of death so there should be little or no gain on the sale. With closing costs, there might even be a small loss.
Enter under
Wages & Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
Select "Add investments" if needed
Select "Skip Import" if needed
Select "Other" for the investment type
Be sure to select "I inherited it" for how you received the investment.
The basis (your cost or value) of Inherited property is valued on the date of death so there should be little or no gain on the sale. With closing costs, there might even be a small loss.
Thank you for your response. I just have one follow up question. Where it states Proceeds, do I enter the sale amount per the 1099-S or the net amount we received after commissions, etc?