You can report the capital gain for real estate by following these steps. You will need to know your gift basis. Gift basis is the adjusted basis of the donor (what the person who gave it to you paid for the property): Go to the Federal Taxes category at the top of the window. Choose the Wages and Income subcategory. In the list of "Your Income", find the section labeled "Investment Income" and click "Show More". If the Investment Income is not there, there should be an option to "Add Income" which will generate a larger list. Click start or update next to Stocks, Bonds, Mutual Funds, Other. Answer yes to the question "Did you sell any investments in 2016?" You will need to upgrade to TurboTax Premier at this point. Answer no, you did not receive a 1099-B. Choose the type of investment. Continue through the remaining screens to your sales proceeds and cost basis information until you are returned to the main Income list screen.

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Where do i report capital gains on sale of gifted real estate.

Forum|Forum|7 years ago
June 3, 2019
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Best answer by Phillip1

You can report the capital gain for real estate by following these steps. You will need to know your gift basis. Gift basis is the adjusted basis of the donor (what the person who gave it to you paid for the property):

Go to the Federal Taxes category at the top of the window.
Choose the Wages and Income subcategory.
In the list of "Your Income", find the section labeled "Investment Income" and click "Show More". If the Investment Income is not there, there should be an option to "Add Income" which will generate a larger list.
Click start or update next to Stocks, Bonds, Mutual Funds, Other.
Answer yes to the question "Did you sell any investments in 2016?"
You will need to upgrade to TurboTax Premier at this point.
Answer no, you did not receive a 1099-B.
Choose the type of investment.
Continue through the remaining screens to your sales proceeds and cost basis information until you are returned to the main Income list screen.

P

Phillip1Answer

Employee

You can report the capital gain for real estate by following these steps. You will need to know your gift basis. Gift basis is the adjusted basis of the donor (what the person who gave it to you paid for the property):

Go to the Federal Taxes category at the top of the window.
Choose the Wages and Income subcategory.
In the list of "Your Income", find the section labeled "Investment Income" and click "Show More". If the Investment Income is not there, there should be an option to "Add Income" which will generate a larger list.
Click start or update next to Stocks, Bonds, Mutual Funds, Other.
Answer yes to the question "Did you sell any investments in 2016?"
You will need to upgrade to TurboTax Premier at this point.
Answer no, you did not receive a 1099-B.
Choose the type of investment.
Continue through the remaining screens to your sales proceeds and cost basis information until you are returned to the main Income list screen.