Looking for direction -
My FIL passed away 3 years ago. He resided in a home with his brother that was family-owned for many years. Originally, it was their mother's home, but they inherited it from her. So technically, the home was owned by FIL and his brother. FIL passed away. His brother continued to remain in the home for two more years. Last year he sold the home. This resulted in my husband and two siblings in receiving half of the profit from the sale of the home through escrow at the close of the sale. We received a 1099-S for our share of that. How would this be reported? Since we never owned it, there is no "date of acquire". The amount is just over $40k.
