The title company should have given each of you a 1099-S with your share of the Sales Proceeds.
However, if the Sales Price was close to the FMV, there may be little or no Capital Gain reporting it with your 1099-S.
In the Wages & Income section, scroll down to Investments > Stocks, Crypto, Mutual Funds, Bonds, Other.
Choose 'Other' as Investment Type, and Continue. On the next page, choose 'Second Home' and 'I inherited it'.
Continue, and enter Sales Proceeds. Continue, and enter Sales Expenses.
Here's more info on How to Enter Sale of Second Home, Inherited Home or Land.
If you end up with a large capital gain, you can 'nominee' their portion of the income to your sisters.
When you receive a Form 1099-S for amounts that actually belong to another person or entity, you are considered a nominee recipient. You should file a Form 1099-S with the IRS (the same type of Form 1099 you received). File the new Form 1099-S with Form 1096 (this is a transmittal for the 1099-S) by mailing to the Internal Revenue Service Center for your area.
- On the new Form 1099-S, list yourself as the payer and the other owners, as the recipients.
- On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099-S to show the amount for each owner.
- The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here: Click here to order forms or publications from the IRS.
- For additional information see TurboTaxDianeW's answer here.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
