Sale of inherited property

Forum|Forum|3 years ago
March 1, 2023
2 replies
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I’m using TurboTax Home and Business. My brother and I inherited two houses after our mother passed, 50% each. Where in Turbo Tax Home and Business I can input the sale of these properties. We also had cost associated with correcting some issues to further the sale.

TurboTax Home & Biz Windows

crtan

nice

DMarkM1

Selling an inherited property is entered in the "Investments" topic.

Start/update the "Stocks, mutual funds, bonds or other" topic.
Enter one sale at a time.
If you received a 1099-S with the entire sale reported under your social security number you will enter all the proceeds and costs initially and then on the page "Less common adjustments" you will make the adjustment to allocate a portion of the gain or loss to your brother.
If the 1099-S shows only your portion of the proceeds then only enter your share of items.
The cost basis will be the fair market value on the date of death plus the cost of any improvements made since the date of death until the sale. A real estate broker and/or the executor will be able to assist; usually an appraisal will be the source document.
On the "Adjustments" page you will be asked to enter selling expenses such as broker commissions and such as well.

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