Hello, thank you for your response. The contact at the title company said that this was a simultaneous sale transaction. Title was transferred to myself and 6 other beneficiaries and immediately sold to a buyer in the same transaction. The closing paperwork did not include a 1099-S, only the information sheet with required information for the 1099-S. When I spoke with the contact, he stated that a 1099-S had been filed with the IRS for the gross sale as well as each of our SSNs and individual proceeds amounts. He also stated that we would not receive an individual 1099-S, and that we should give our accountant/CPAs a copy of the settlement statement letting them know that the amount being reported on the return should be based on "stepped up" value on inherited property that was just inherited and sold simultaneously at sale. Due to the nature of the sale, he stated that it was possible there is no capital gain, but our accountant/CPA will need to review IRS rules to verify.
