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Level 2

Question

Capital Gains - Real Estate

Forum|Forum|5 years ago
March 23, 2021
3 replies
27 views

My brothers and I inherited our mothers house as a result of a "Transfer on Death Deed" in 2016. We sold the house in December 2020 for $4,000 above the 2016 apprased value. Do we need to complete a Schedule D and possibly a Form 8949 for each of our 1/3 amount? If so, is there anything special related to the Capital Gains for the selling of the house? The title company has submitted 1099-S to the IRS for each of our shares for the sale of the house. Besides the possible 1/3 Capital Gains, is there anything else we need to be concerned about with the inheritance and sale of the house?

Level 15

your cost basis is what it was worth on your mother's date of death.

it's unlikely there are capital gains as your 'gain' is that $4000 less the closing costs. Could be a capital loss.

gofastmikeyAuthor

Level 2

The seller paid all the closing costs so we should probably show the $4,000 as capital gains.

gofastmikeyAuthor

Level 2

My mistake, the buyer, paid all the closing costs.