- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You will enter the 1099-S proceeds of $67,099 for the sale price.
The basis can be adjusted. Once you determine the value when inherited, you can add any capital improvements made. It doesn't sound like you did anything but maintenance but there may have been something you were forced to do, connect to city water, add a fence, etc that would improve the property. For full details, see Publication 551, Basis of Assets
As for the basis, let me add neighbors. Sometimes a neighbor will know values for a time period. They may have put their house on the market or even bought around that time. The property tax office should know or a realtor that has been around.
You do not scan any of those documents in for your tax return. Those would only be needed if you are audited in a few years. Tuck them away with your tax paperwork.
**Mark the post that answers your question by clicking on "Mark as Best Answer"