@Info4464 , based on your answers , I suspect that the 1099-S was issued in one of your names. If it was issued in your name only then
(a) you can each recognize 1/2 the gain ( if any ) and pay the taxes on that. Just keep your records and so if challenged , you can show that the 1099-S was in error ( for TIN ) purposes and that the gains have been taken care of between the inheritors,
or
(b) depending on the amount of gain the inheritor with the lower taxable income, recognize the gain from the sale and pay taxes on it and then settle with the other inheritor(s).
Does this make sense ?
Is there more I can do for you ?
