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Question

How to I record the sale of a jointly owned home (less than 2 years) inherited after my mother passed? It was co-owned for 10 months by 5 of us brothers/sisters with equa

Forum|Forum|1 year ago
January 8, 2025
1 reply
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Employee

You will record your share on your tax return under Investment Income. For example: inherited value of $200,000 and sold $225,000. Your 1/5 of inheritance would be $40,000 and sale portion would be $45,000.

Enter inherited for acquisition date, enter the date sold, your basis, ($40k in example) and the sales price ($45k in example) into the program under Investment income, then stocks, bonds, other.

I am very sorry for your loss.

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