my father passed in 2020 without a will - state law determined my share of estate - the only tangible assets were rental properties that were subsequently sold in 2021 by executor of estate. the deeds to these properties were never actually transferred to me & when they were sold in 2021, the % due to me was sent by check and recorded on HUD-1s. I also had to sign closing docs as one of the sellers on each property.
I received checks from each closing, but it was generated from sale of investment properties that I have never had any interest or ownership. I never made any mortgage or tax payments, never collected rent, did not handle the sales, realtors, negotiations, etc. - just had to review and sign with other owner. all mortgage debt was paid in full leaving small profit on each property, legal fees were also deducted in sales of properties, all info recorded on each HUD1 at closing.
does this mean I now have to add the total amounts for each check to my gross income for 2021 when reporting/filing as if I owned and sold properties myself? any ideas on what IRS forms may be required and/or if TurboTax will just figure this out for me once we have all the paperwork together and enter the details?
