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Level 1
posted Mar 8, 2024 12:21:46 PM

Selling an inherited home

Turbo tax is telling me that I can't take a loss on selling an inherited home because it is personal-use property. My mother died and left home to me, I never lived in it and it was sold (to a stranger) less than 2 months after her death. I thought that the fees involved in selling the home ( commission, title fees etc) would decrease the basis and create a capital loss but it doesn't do that in turbo tax premier. What am I doing wrong in the program or is my understanding of this incorrect?

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1 Best answer
Level 15
Mar 8, 2024 1:36:50 PM

You can select "Other" or "Land (other investment purpose)".

3 Replies
Level 15
Mar 8, 2024 1:18:24 PM

Don't indicate that the home is a "second home" in the program or otherwise held for personal use.

Level 1
Mar 8, 2024 1:27:39 PM

So when asked "what type of investment did you sell?" Drop down menu lists options- what should I choose "other"? There is no other option for real estate except second home or land.

Level 15
Mar 8, 2024 1:36:50 PM

You can select "Other" or "Land (other investment purpose)".