My Mother passed away in May of 2020 and I acquired her (mortage free) home by a transfer on death deed. I sold the home in September of 2020 for $172,000.00 and divided the proceeds between my 3 siblings and myself. The title company gave me a Proceeds from Real Estate Transaction sheet and an IRS Form 1099-S. Do I need to report the exchange and sale to the IRS?
I answered the T-F questions, but question 1 in Part II as follows is false for me:
I owned and used the residence as my principal residence for periods aggregating 2 years or more during the 5-year period ending on the date of the sale or exchange of the residence.
I acquired the house 5/2020 and sold it 9/2020.
