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Home Sale Worksheet not allowing word "INHERITED" as is required for Date Acquired

Forum|Forum|3 years ago
May 11, 2023
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Hi, I completed the Home Sale Worksheet and the info properly went to the 8949, and the amounts made it to Schedule D. The IRS requires that we put "INHERITED" in the Date Acquired area. The only way I see that I can do that is to manually complete the upper portion of Sch D regarding the sale, but then I end up with two houses sales on my 8949.

Do I have to just manually enter the house sale info on Sch D and forget the Home Sale worksheet? Thanks!

TurboTax Business Windows

Best answer by Anonymous_

Enter the transaction in the Stocks, Mutual Funds, Bonds, Other section rather than the Home Sales section.

Select No Financial Institution and enter "Inherited" for the date acquired (first screenshot).

If you are presented with the second screen, check the box as shown in the second screenshot.

Untitled.png2.png

A

Anonymous_Answer

Employee

Enter the transaction in the Stocks, Mutual Funds, Bonds, Other section rather than the Home Sales section.

Select No Financial Institution and enter "Inherited" for the date acquired (first screenshot).

If you are presented with the second screen, check the box as shown in the second screenshot.

Untitled.png2.png

D

diycpaAuthor

Thank you! That worked, but I wasted a lot of time with the Home Sale Worksheet, which I just deleted to make Schedule D correct.

Wonder if my $179 TurboTax Business software explained somewhere that the worksheet should NOT be used for inherited houses?

A

Anonymous_

Employee

@diycpa wrote:
Wonder if my $179 TurboTax Business software explained somewhere that the worksheet should NOT be used for inherited houses?

I will pass along that suggestion as it is absolutely a valid point.

The date of death can be entered as the date acquired in instances where the holding period is longer than one year. Of course, there is an issue when the home was acquired from a decedent and held for one year or less and the software should accommodate that scenario, which is common (or at least provide guidance).