Hello,
my husband inherited land along with his mother & siblings. I received the 1099S form but not sure about what to enter for the sales proceeds & the cost basis. Our portion of the sales process was $32 (the 1099S shows gross proceeds of $192,500 & the settlement statement shows cash to seller, which is what we actually sold the property for, was $170,108. Which of these numbers do I enter for the sales proceeds?
the cost or other basis line says the fair market value on the date of death, which according to the appraisal was $256,000. Is that what I enter there, or do I use the respective % of that amount for my husband's share?
