Question

Where can I deduct expenses for sale of inherited property? Not a place on proceeds screen.

Forum|Forum|6 years ago
March 4, 2020
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TurboTax Premier Online

If it is land or something held for investment the expenses would be added to the basis or cost of the land. There is not a form for this, but it is your responsibility to document and maintain a file.

On the other hand, if you sold a personal item for more than what you originally paid it may be taxable.

Most of the time, personally-owned stuff like cars, appliances, clothing, furniture, and other household items decrease in value after the initial purchase. If you later sell them, it's almost always for less than what you paid, so there's no gain to report. There's also no loss. The IRS won't let you deduct losses on personal items.)

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below

Federal Taxes
Wages and Income
Click on I'll choose what I work on
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

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O

Opus 17

Employee

Turbotax sometimes has a helper screen where you can enter adjustments to your basis, or seller expenses that are treated as reductions in the selling price. But in other cases, the program asks for "selling price" when it means adjusted price.

Is this real property or personal property? For personal property you probably would just list a lower selling price taking the adjustments into account.