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Get your taxes done using TurboTax
Doesn't matter if you received a 1099-S or not. The estate will issue a K-1 to each of the beneficiaries to report the income on their personal tax returns.
The 250K exclusion on a home sale applies to a homeowner selling their own personal residence, not an inherited home.
Whether you have any taxable Capital Gains or not depends on the Cost Basis (value of home on father's death), plus Sales Expenses, subtracted from Net Proceeds.
Here's how to report the Sale of Inherited Home.
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‎February 19, 2024
12:07 PM