This type of sale is entered as a sale of an asset that will be reported on Schedule D for capital gains. When you report the sale of your portion of the property on your return, you will use one half of the total cost basis since you will only be reporting one half of the total proceeds from the sale (assuming that you and your sister had equal shares in the property). Using TurboTax, take the following steps to get to that section of your program: Using the search box in the upper right corner, type “inherited home – home sale”. Then click Find. The search results will show a link to Jump to inherited home – home sale. Click that link. This will bring you to the correct section in the program. Answer the question about selling an investment with Yes. Answer the question about receiving a 1099-B with No. Choose Everything Else as the type of investment sold (not Second Home). Proceed with the interview and answer the questions reporting only your share of the net proceeds of the sale. Be sure to also adjust the fair market value of the property to only consider your portion of the value since you only owned a portion of the property.

Question

My sister & I sold house inherited from our mom who passed in 2016. where do i enter this info? At her passing it was worth 268 sold for 330? I received 100k

Forum|Forum|6 years ago
March 3, 2020
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AnnetteB6

This type of sale is entered as a sale of an asset that will be reported on Schedule D for capital gains.

When you report the sale of your portion of the property on your return, you will use one half of the total cost basis since you will only be reporting one half of the total proceeds from the sale (assuming that you and your sister had equal shares in the property).

Using TurboTax, take the following steps to get to that section of your program:

Using the search box in the upper right corner, type “inherited home – home sale”. Then click Find.
The search results will show a link to Jump to inherited home – home sale. Click that link.
This will bring you to the correct section in the program. Answer the question about selling an investment with Yes.
Answer the question about receiving a 1099-B with No.
Choose Everything Else as the type of investment sold (not Second Home).
Proceed with the interview and answer the questions reporting only your share of the net proceeds of the sale. Be sure to also adjust the fair market value of the property to only consider your portion of the value since you only owned a portion of the property.