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February 22, 2025
Question

sold home inheritrd from parents,never used as personal or rented. where do i report

  • February 22, 2025
  • 1 reply
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i sold house i  inherrited from parents at loss. It was never used for personal purposes and never rented. where do i report

    1 reply

    February 22, 2025

    ‌An inherited house is considered investment property as long as there was no personal use, which you confirmed. In addition, the sale also needs to have been made to an unrelated party in an arm's length transaction. 

     

    Here's how to report this in TurboTax Online:

    1. Navigate to Wages & Income > Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) > Add/Edit
    2. Add Investment
    3. Choose Enter a different way
    4. Choose Investment type of Other
    5. Add a description
    6. You will be asked what type of investment, choose "other". ‌Also, indicate this was inherited.
    7. Proceed to enter the rest of the information.
    8. Column (f) can be left blank