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Deductions & credits
Yes, you need to show the sale.
IRS will get a copy of the 1099S.
The sale will be reported in Investment property section.
Due to being inherited it is long term gain regardless if held only 5 days.
Basis is Fair Market Value on date of death.
Sales price less costs (closing costs, clean up etc) equals net sales price less basis (FMV) - gain or loss that will be on your tax return.
‎June 4, 2019
2:17 PM