My father passed away in 2019, in South Carolina. In 2020, his estate was finished with probate. My sister and I took ownership of a trailer in Myrtle Beach, SC. It was on the market prior to his death. We sold it after his estate was probated. The funds then went to my mom who paid down her trailer. This was what dad wanted to do with these funds. My sister and I received no benefit from these proceeds (sold for $70K).
We both received a 1099-S from that closing ($35,000 gross proceeds (each)) along with other documentation. One of the other documents was an I-295 from the State of SC. This form has box 12 checked (Gain Amount) and an amount of $0.
I'm assuming that this means that we pay no taxes on these proceeds? What I cannot figure out is how to accommodate for these two forms (1099-S and I-295).
We purchased the TurboTax Deluxe version.
Can you help me please.
Andrew Hollar
