@dsframe1953 wrote:
Do I need to report the exchange and sale to the IRS?
I am sorry for your loss. Yes, you need to report the sale to the IRS.
The basis of the home would be the fair market value on the date of death of your mother. The sales price would be the $172,000 less selling expenses. Odds are there is no gain since the sale and the date of death are separated by only a few months.
You can report the sale in the Investment Income section the same as if you sold a stock, mutual fund, or bond.
