I believe that the fair value as of my father's date of death was equivalent to the net sales price - since it was only three months or so from the date of death to the market pricing - resulting in no gain or loss . Not the net ... the fmv is the actual sales price before expenses of sale so you will have a deductible loss.
There was no estate tax filing since the estate was relatively small. Is it necessary for my siblings and I to report our respective portions from this sale on Form 8949? LOOK very closely in the closing papers for the 1099-S which reports the sale to the IRS ... whose name is on it ? Or did they issue a 1099-S to each of you ? And was it for the total sale price or did they divide it up between you ? And you MUST report the sale ... failure to do so will get you an audit letter a couple of years from now.
