Form 1099-S
My mother lived at the house, it was under my brother's and mine name, althought we had a trust where ny brother and I had the 90% and my mother 10%. after my mother passed away in January of 2024, my brother and I then had 50% each.
Sale of the house 9/25/24, bought 405,000 - sold for 573,000, each of us got 286,500.00
How do we report this to IRS?
I see turbotax has a way to enter it under Investments but it is confusing, I et an error with the dates.
Do we need to report this now and pay taxes now (until Jan 2025) and also report it as part of our personal filling taxes later on?
How do we report this income?
Gain is 573-405 = 168, 168/2=84,000 needs to be filed to IRS?
Add any house expenses? Sprikler system. New roof. New wood floors. New furnice, water heater etc. Work on the sun room, blinds etc
Anything else?
