pk
Level 15
Level 15

Deductions & credits

@tsanchez2 ,  assuming that the property was sold  reasonably close to the passing of the decedent, there is probably no  change  in the FMV ( Fair Market Value ) of the property.  Thus there should be no tax implications.

 

(a) thus you can  add this to your own return, hopefully with zero impact 

OR

(b) get the title company to re-issue corrected  1099-S  showing  the correct  figures --- sales price divided by Five and ditto for the  FMV of the asset  ( at passing ) as basis for each of you.

 

It may turnout to be just more paperwork with no extra benefit.

 

Is there more I can do for you ?