Sale of second home (inherited)

Forum|Forum|1 year ago
March 17, 2025
1 reply
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My wife inherited her mother's primary resident in late 2023. We sold the home in June 2024 (house was in Florida, we're NC residents). Where do I enter this information on TT? When I started my return, it asked if there was a sale of a second home but I've gone through all the sections and it never came up.

Best answer by KrisD15

Enter under

Wages & Income

Investment Income

Stocks, Cryptocurrency, Mutual Funds, Bonds, Other

Select "Add investments" if needed

Select "Skip Import" if needed

Select "Other" for the investment type

Be sure to select "I inherited it" for how you received the investment.

The basis (your cost or value) of Inherited property is valued on the date of death so there should be little or no gain on the sale. With closing costs, there might even be a small loss.

IRS link

KrisD15Answer

Enter under

Wages & Income

Investment Income

Stocks, Cryptocurrency, Mutual Funds, Bonds, Other

Select "Add investments" if needed

Select "Skip Import" if needed

Select "Other" for the investment type

Be sure to select "I inherited it" for how you received the investment.

The basis (your cost or value) of Inherited property is valued on the date of death so there should be little or no gain on the sale. With closing costs, there might even be a small loss.

IRS link

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gguerrero61Author

Employee

Thank you for your response. I just have one follow up question. Where it states Proceeds, do I enter the sale amount per the 1099-S or the net amount we received after commissions, etc?

ThomasM125

You would enter the net amount received, unless you see a question regarding selling expenses, in which case you could enter the sales proceeds as reported on the Form 1099-S and the selling expenses separately.

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