@scocpm . if you are issued a 1099-S you'll need to report the sale on your 1040. the IRS gets a copy. so if you get the form and don't report it. the IRS sends you a bill/notice because it assumes the cost basis is zero which will result in a taxable gain. then you have to go through the procedures in the bill/notice to refute the IRS findings which would likely require preparing an amended return.
if you sell quickly there is likely to be a loss once selling expenses are taken into account. when determining FMV at the date of death, costs associated with selling are not taken into account.
