I am not yet sure whether the above approach makes 8949 and 1116 consistent. Let's work with specific numbers:
Sale Price was $50K
Taxes Withheld on Sale $15K
FMV on Deceased Death $150K
Expenses Definitely Related to Sale $50 (appraisal to establish FMV)
In this email, I first want to make sure 8949 is correct, then depending on the response, I will get to 1116 in the following email.
Proceeds: Should this be $50K or $35K? In my bank, $35K was deposited but deed says sale price was $50K
Cost Basis: This is easy, $150K
Adjustment to Gain or Loss, $50
Thanks.
@DaveF1006
