Inherited home

[hogebdg]

3 of us inherited  a home in Feb 2024. We sold the home in July 2024. We each got 1/3 of the proceeds which was $33,333.34 reported on 1099-s. The fair market value was $110,000. I entered

Type of investment - Other

How did I receive it - I inherited it

Descrip - inherited property/home 33.3% share of home

Date disposed - 07/03/2024

Proceeds - $33,333.34

FMV - $36,666.67

Is this the correct way to enter the info?

[MayaD]

It is the correct way to report it, however, you can deduct your share of the selling expenses from the gross proceed. 

 Sales expenses include:

• commissions
• appraisal fees
• broker's fees
• legal fees
• advertising fees
• home inspection reports
• title insurance
• transfer taxes or fees
• geological surveys
• loan charges (points) or other fees paid on the buyer's behalf
• any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.)