A 1099-s was recieved from a sale of an inherited property…. If an estate tax return was filed, the value listed for the property generally is your basis. If a federal estate tax return did not have to be filed, your basis in the home is the same as its appraised value at the date of death for purposes of state inheritance or transmission taxes.

Where do I report the sale of a 1099-S?

If you received your 1099-S Form for an investment property (or inherited property that is considered investment property), then the sale is reportable on Schedule D. If you received your 1099-S Form for the sale of a business or rental property, this is reportable on Schedule D and on Form 4797.

Where to put inherited home sale on tax return?

Since you received a Form 1099-S for the sale, you should report the sale on Form 8949 and Schedule D in your tax return as a sale. The sales price and cost basis will be the same amount, which will result in a gain of $0. Make sure that you indicate on the form that the “date acquired” is “inherited.”

What can a 1099-S be recieved from?

Customer Question. A 1099-s was recieved from… A 1099-s was recieved from a sale of an inherited property distributed amoung 6 people. It was sold at a loss.

Do you get a 1099 when you sell your home?

You may not always receive a 1099-S form. When selling your home, you may have signed a form certifying you will not have a taxable gain on the sale.

What happens if I receive a 1099-S from my mother?

Just because you received a 1099-S does not mean it is “income”. You receive a step-up in basis in the value of the property; aka your basis is the fair market value of the home as of your mother’s date of death, so if you sold it within a year of your mother’s death, it’s doubtful there was a loss or a gain.