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Myself and 2 sisters inherited a house - sold it and split up the money - can I use turbo tax?

 
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Myself and 2 sisters inherited a house - sold it and split up the money - can I use turbo tax?

Yes, you can certainly use TurboTax!! 

In Canada there is no inheritance tax, so you likely will not have to report your portion of the sale proceeds. Only if the property sold for a higher value than when you inherited would you realize a "Capital Gain", and have to report this on your tax return.

For example, if the property was valued at $300,000 when you inherited it, and it sold for $360,000, there would be a $60,000 Capital Gain on that property. You would each have to report $20,000 on your own returns as a Capital Gain and would have to pay tax on 50% of that gain.

In the event that you did incur a Capital Gain, you would be able to do this in all versions of TurboTax.

https://turbotax.intuit.ca/tips/canada-inheritance-tax-laws-information-463

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Moderator

Myself and 2 sisters inherited a house - sold it and split up the money - can I use turbo tax?

Yes, you can certainly use TurboTax!! 

In Canada there is no inheritance tax, so you likely will not have to report your portion of the sale proceeds. Only if the property sold for a higher value than when you inherited would you realize a "Capital Gain", and have to report this on your tax return.

For example, if the property was valued at $300,000 when you inherited it, and it sold for $360,000, there would be a $60,000 Capital Gain on that property. You would each have to report $20,000 on your own returns as a Capital Gain and would have to pay tax on 50% of that gain.

In the event that you did incur a Capital Gain, you would be able to do this in all versions of TurboTax.

https://turbotax.intuit.ca/tips/canada-inheritance-tax-laws-information-463

View solution in original post

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New Member

Myself and 2 sisters inherited a house - sold it and split up the money - can I use turbo tax?

turbotax is asking me to complete the sale of property form but we have never sold any property.  is there someone we should be checking off to clear this error

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