I'm having a tough time trying to figure out how to process this 1099S. This resulted from a sale of mineral rights from an inherited piece of bare land in WV. The total sale was $3501.00. There are a total of 13 inheritors for this one piece of land and my wife was one of them. All we have is a parcel description for what was inherited by my wife to go off of -- no address.
We are an older couple and do not normally choose to itemize deductions because our mortgage interest is very low and we don't pay property tax due to my being 100% VA Disabled. Our tax liability is already $403 due to my SSA checks and to not use the standard deduction would cause our tax liability to increase significantly this year.
What do we do?
Thank you SO much in advance for responding!
