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The sale of inherited property should be reported. You may have received Form 1099-S from the closing company, although not all of them issue the forms. The 1099-S itself is not entered into TurboTax, but the information form it is. However, inherited sale is reported, regardless if form was received or not.
If your return has been submitted - please wait - if it's rejected for some reason, you can add your sale and re-send the return. If your return has been submitted and accepted- you will have to amend; the return is mailed; takes about 16 weeks to process. Here are amending instructions.
Here's TurboTax data entry:
Note: You must know the Fair Market Value of property on date the deceased passed away If no estate was established, you must use other sources such as market comparison from a real estate agent.
The sale of inherited property should be reported. You may have received Form 1099-S from the closing company, although not all of them issue the forms. The 1099-S itself is not entered into TurboTax, but the information form it is. However, inherited sale is reported, regardless if form was received or not.
If your return has been submitted - please wait - if it's rejected for some reason, you can add your sale and re-send the return. If your return has been submitted and accepted- you will have to amend; the return is mailed; takes about 16 weeks to process. Here are amending instructions.
Here's TurboTax data entry:
Note: You must know the Fair Market Value of property on date the deceased passed away If no estate was established, you must use other sources such as market comparison from a real estate agent.
Will a property assessment document issued by the county be acceptable to establish the basis for a sold property? The inherited house was sold in March 2019. The last assessment received was effective July 1, 2018.
No. The basis is the Fair Market Value on the date of death. If you held on to the property, it more than likely increased in value. In addition, the FMV is what it would have sold for at the time. A county assessment may be a very different figure.
Since the iherited house was sold relatively immediately after
father's death, I was told that the sale price of this home is the fair market value.
Only held onto the property long enough to clean it out, sell furniture, household items, and personal items before it was put on the market for sale. the house was valued lower on comps in the neighbor hood.by the real estate agent that handled the sale. The tax accountant that handled my 2015 and 2016 tax returns said there shouldn't be a tax liability on the sale of this house, because there was no profit made. I cannot find any settlement papers on this sale. My wife who inherited this house was showing symptoms of alzheimer's disease, and I had her power of attorney at that time. We were relieved that we were even able to sell the house. My father in law never had stuff repaired until he had no other option.
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