Can I please get your help on a few inherited house questions? i did search the forum but had a few specific questions please
FMV question
- inherited a house and sold it within 3 months. Does the short time frame help support that we can use the sales proceeds as the same estimate of the stepped up cost basis ? in other words, its very unlikely the house changed value in the 3 months. In fact we have comparable sales close to the inherited date that are roughly what the inherited house was sold for 3 months later
Sales proceeds and cost basis definition
- have the substitute 1099-S from the closing but haven't received a 1099S in the mail yet. Should i be contacting the title company to inquire since i don't know what they reported on the various boxes sent to IRS (i'm worried something may not match if i guess from the closing documents)
- Also, I'm assuming i need to report this in TurboTax, but had a question since the substitute form doesn't have proceed numbers on it, just our % share (it was split with family). So my question - is "sales proceeds" the same as the check we received at the closing? or is the gross sales value of the property? The check we received is the total sales price less selling costs - trying to figure out if i should be showing the gross price as sales proceeds and the cost basis as the value + selling costs. Or just keep it simple and show the cost basis identical to the sales proceeds as noted above
thank you again for help !
