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.

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