You need to report this as a sale under Investment Income. Because it is inherited property, the cost basis is considered to be the Fair Market Value of the property as of the date of death.
In TurboTax for Premier,report the sale under the Federal Taxes Tab, , under Wages and Income.
Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
On the screen Choose the type of investment you sold choose Everything Else.
Enter the sale date and the sales proceeds.
On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.
See the screenshots below.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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