Where do I put the income from the sale of my deceased dads house from the 1099S form

[DianeW · Accepted solution]

If you did not live in the home and it was inherited follow the steps here to enter your sale.

Inherited property usually has a stepped up basis which means the basis would be the value on the date of death, as long as there were no transactions prior to death where the property was transferred into any of the children's names by gift or sale.  You would use only your share of the basis as your cost when entering the sale.

In TurboTax Premier:

• Federal Taxes Tab
• Wages & Income
• Scroll to Investment Income
• Show more
• Stocks, mutual funds, bonds, other
• Follow the prompts
• Type of investment would be "everything else"
• Description
• Select Inheritance (important - it's always considered held long term which provides a special tax break)

Attached are three screenshots (on one page) to help you through the process.