Home in life estate with death of tenant sold by remaindermen. How do you report this?

[Meldoug221]

My mom passed in July 2024. . She had a life estate deed drawn up 12 years ago. My 3 brothers and I are the remaindermen. The FMV when he died was $155,000. We sold the house a few months later for $155,000. We each received a 1099-s for $38,750. What forms need completed since their shouldn't be any capitol gains?

[Hi Palms]

If you sold the property for the same price as the FMV on the date of death you have neither a gain nor a loss. You might even have a slight loss from real estate commissions and other closing costs.

Since you each received a 1099-S you each need to report the sale on Form 8949.