My mother in law passed away in August of 2024. No improvements were done to the house. It was sold as-is in December of 2024. The proceeds were divided by the 5 adult children including my husband. The title company did do a 1099-S provided at closing. I verified with her that we do have to report this on our taxes. I upgraded to Turbo Tax Premier from the Deluxe product in order to be able to have access to input the information. The problem that I am having is figuring out the cost basis. No appraisal was done at the time of her death. The home sold for $400000.00. The buyers of the home did get an appraisal done as required by the mortgage company that they used. We were not provided a copy of the appraisal. We contacted the realtor yesterday to see if he had access to the appraisal. He said that he did not, as it belongs to the buyer. I have read that I cannot use the tax assessment for the year of 2024 as the cost basis. I am at a total loss as to how to get the cost basis. We live in Tennessee, and have no state income taxes. Also, would the cost basis be divided by 5 just like the proceeds as reported on the 1099-S were divided by 5? Any help would be greatly appreciated!!
