Selling a home and a piece of property

[Hdman7724]

1)Me and my brother owned my mother's house, we sold it in 2021 and we each received half of the selling amount, my half is  38,372.10 how do I go about putting this on my taxes, and would I owe any taxes on this sale. 2) me and my 2 daughters owned a vacant lot and sold it in 2021 as well, my 1/3 is 1557.70 how do I go about putting this on my taxes and would I own taxes on this sale

[ColeenD3]

Yes, any time you sell the property at a gain, you must pay the tax on it. There are various ways a house can be used; as a primary residence, as an investment property, or as a business property, such as a rental.

Depending on how you used it, determines how it might be taxed. The primary home is entered in the Sale of Home section. Investment property (second home) in the investment section and rental property is entered in the Rental section.

You would enter your percentage of the cost, expenses of sale, and sales price to allow the program to calculate the gain. Gain is not necessarily what you received in your hand.

The land sale is included in the Investment Section.

[Hdman7724]

 So I need to step.up to the  turbo tax deluxe to enter these incomes 

[Hdman7724]

My mom lived In the house till she passed away , 

[AnnetteB6]

You can start your tax return with the Deluxe version of TurboTax Online, but when you get to the section where you will enter the sales of the house and the land, you will be required to upgrade to the Premier version of the program.  

TurboTax Deluxe online does not support the forms needed to properly report those sales. 

If you are using one of the CD/downloaded versions of TurboTax, any version may be used.  However, the Premier or higher version will give you the most guidance as you go through the steps.

@Hdman7724