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Deductions & credits
If you don't get a 1099-S, and it is a loss on personally owned property, you don't have to report it. You could report it anyway, show the loss, and indicate that it is personal (Turbotax will include the sale on form 8949 and schedule D to show the work, but won't take a deductible loss). Regardless of whether you report it or not, you should keep proof for 6 years in case of audit, including proof of the inheritance and the FMV, and proof of the sale to a relative (any documents, contracts, deeds, the check, etc.).
‎December 5, 2024
8:19 AM