Premier. Let's start at the beginning and work through. First, did the husband inherit the house or did the husband and the siblings all inherit the house?
- If husband inherited the house, then he just gave you money from the sale. He has the 1099-S and reports it on sch D.
- If you all inherited the house, you each get a 1099-S with your portion of the sales price. The sale is reported on sch D.
The basis of the house is the value on date of death. You may be able to use the tax assessor's office or know some local real estate agents that can provide a better basis. Included in the basis will also be your share of the selling expenses. See Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?
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