1099S

[Hyltonov]

I received a substitute form 1099-S this money was from inheritance where do I put this information on my  Turbotax

[Critter]

You must have sold some inherited property if the 1099-S is in your name ...

If your 1099-S wasn’t for the sale of your main home, select the option below for step-by-step instructions:

• Sale of a second home, an inherited home, or land
• Sale of a rental property

[Carl]

Generally, inherited real estate is not taxable or reportable on your federal tax return. But the fact you received a 1099-S indicates you sold it. So you will need to report this sale weather you sold at a gain or a loss.

Your cost basis in the property will be the fair market value on the date the person you inherited from passed away. NOT the date it was titled to you.

Generally, if you sold the property within approximately 6 months after the original owner passed away (not 6 months after it was titled to you) your cost basis and sale price will be the same, meaning you have no taxable gain on the sale. But having received a 1099-S means you still have to report it.