KrisD15
Expert Alumni

Deductions & credits

If this was inherited and sold soon after, there will be no tax. 

Enter the 1099-S into your TurboTax program and select that it was inherited. 

The IRS will look for the 1099-S to be reported by the person to whom it was issued. 

 

Some states tax inheritances, so if this is your case, you might need to make an adjustment on the state return, or ask your siblings to pay part of the increase in your state tax. 

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