Question

sale of inherited property - loss?

Forum|Forum|1 year ago
January 24, 2025
1 reply
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My mother died in 12/23. My three sisters and I inherited equal shares of her home. The date of death valuation of her home was 432,000. We sold the house for 432,500 in 10/24. We each received a 1099-2 for 108,125. We each received gross proceeds of 97050 due to costs associated with the sale. When I enter these amounts on TurboTax, it does not recognize a loss. Shouldn't I have a loss on Schedule D?

R

RobertB4444

The costs associated with the sale need to be entered when the sale is entered. The costs should generate a loss for you. If you only enter the sale price and the valuation you won't show a loss.

@jamieinaz

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J

jamieinazAuthor

Thank you for your reply. Can you tell me what type of investment this is? TurboTax guided me to call it a second home which it absolutely was not. I did not live in that home or even in the same state. When I change the investment type to "other investment property" rather than the suggested "second home", the loss is recognized.