1099-S from Family Home Sale

[lth12]

My father recently sold his home that his been his primary (and only) residence for 20+ years.  My mother passed in 1994 and left her half of the home to my sisters and myself and my father usufruct of the home.  I was issued a 1099-S at the time of the closing of the sale (yesterday).  Am I required to report this?  It was not my primary home- but it was the primary home of the majority owner so I'm not sure what my requirements will be for 2024 tax purposes.

[tagteam]

If you received a 1099-S, then you need to report the sale.

[Mike9241]

based on what was stated when your mother passed you and your sister became owners of 50% of the home.  your basis is 50% of the fair value of the property on the date of her passing. if the sale price net of selling costs was more than that FMV you have a taxable capital gain. if a loss it's non-deductible loss. Since it was not your primary residence for 2 out of 5 years before sale there is no home sale exclusion available to you. if there is a gain