- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Sale of Inherited Property
My mother died in 1996 and left my dad 75% of their home and usufruct and the other 25% ownership of the home was equally divided between myself and my 2 sisters. So each of own approx. 8.33% of the home. My father lived in the home from 1996 until he just sold the property in September of 2024. I received a 1099-S for my portion of the proceeds of the sale and I can't figure out where/how to add this money to my taxes- especially as I'm recording only 8.33% of the sale. When trying to use TurboTax to add the 1099-S I'm asked a series of questions about if it's my primary residence and if I say no- it assumes it's a second home, rental property, vacation home. None of these apply- it's inherited property that I never lived in. Also- if I follow the prompts and enter sales price and FMV of the home in 1996- it assumes me responsible for all of the taxes and not my 8.33%. Can someone point me in the right direction?