I previously posted a question about this, and now that I have entered the information on Turbo Tax premier, I have more questions. My husband's mother passed away on August 2, 2024. He and his 4 siblings inherited the property per her will. The home was sold on December 17, 2024. I used the fmv that I obtained from the realtor (424,000). divided by 5 to account for each of the siblings as the cost basis. The sales price was 400,000. The 1099-S from the closing agent shows 80000.00 to each sibling. This did not include the realtor commission that was paid and other costs associated with the closing of the home per the closing settlement statement. My first question is about why the date of acquisition shows inherited, no date acquired, and shows F long term when the home was owned by my husband and siblings for less than one year. My second question is about the costs associated with the home closing. Do I put that amount in divided by 5, or just not put any costs in? I wouldn't want to end up with a capital loss that is not allowed by the IRS. We live in the state of Tennessee, and we do not have state income tax here. Any help would be appreciated!
