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Sale of a inherited house

My mother passed away and we sold her house and per the will the money was split 3 ways. So my questions are.

1. Are these funds reportable on taxes sense they are from an inheritance. We did get an 1099-S from the title company.

2. If so where in TurboTax deluxe do I enter this amount. We did take a loss on the house and did get an K-1 from the estate taxes filed.

Mike

Best answer by SharonD007

Yes, the funds are reported on your tax return. You will use the information from Form 1099-S when you enter the sale from your inherited property. The sale will be entered in the Investment Section of Income & Expense. Refer to the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

Please accept my condolences for your loss.

Yes, the funds are reported on your tax return. You will use the information from Form 1099-S when you enter the sale from your inherited property. The sale will be entered in the Investment Section of Income & Expense. Refer to the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

Please accept my condolences for your loss.

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