I inherited a property from my father in 2004. The property was appraised at $121,500 (my basis) at that time to settle his estate. I have used this property for as a second home and for personal use since that time. I sold this property to my son in 2022 for $115,000. I received a 1099-S reporting the gross proceeds of $115,000 in box 2.
I use TurboTax Premier to file my taxes electronically. I have input the data in Form 8949 and Schedule D in TurboTax Premier 2022.
I have two questions:
- Can I file my return electronically with TurboTax reporting this income and sale?
- Do I need to submit any proof of my basis and if so, how?
