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My father died & house had TOD Deed to me - on sale I received a Form 1099-S. Since house was TOD & sold below market value do I need to report sale and if so how/where?
My father died May 24, 2018. His house had Transfer on Death Deed to me. The house had estimate value of $280,125. On May 30, 2018, I sold the house and received a Substitute Form 1099-S listing gross proceeds of $240,000. The Closing Disclosure has net proceeds of $237,131.44 after closing costs. Since house was TOD to me and sold 6 days after my father's death at less than market value, do I still need to report the sale and if so how and where on TurboTax?
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‎June 4, 2019
2:17 PM