I also received a 1099S, and wonder if the title company should NOT have done that...
3 siblings inherited a home and other cash from a mom who died, while in a revocable trust (Florida). We got 1/3 share each as cash, and did not think the HOME was ever put in our names, not sure, but now got a 1099 -S for each of us and don't know if it is NOW IRS taxable because of that. Entering it in Turbo seems to make it very complicated.. Do I pay Fed Tax? How do I enter, NOT as sale of my main home, and if it has a STEP UP VALUE, I understand that might be taxable.
Did the Title Company do us a disfavor by FIRST putting her home in our names, if that is what they did?.
