I had inheritance/sale of real estate in early 2016, not accounted for in my return, and for which I have just received a form 1099-S - will I need to amend my return?

perryro — Sat, 01 Jun 2019 06:50:41 GMT

since the real estate was inherited and sold/divided simultaneously, does it need to be accounted for, and if so, how?

Yes, you will need to report the form on your tax return...

ShawnaD — Sat, 01 Jun 2019 06:50:42 GMT

Yes, you will need to report the form on your tax return even if it is not taxable.

Since you have already filed your original return, you will have to wait until the return has been accepted or rejected by the IRS before you can amend to add this form.

Please see these instructions for amending a return in TurboTax Online: https://ttlc.intuit.com/replies/5567856

Once the return is available for editing, you can then enter Form 1099-S.

Please see this link for instructions for locating Form 1099-S (instructions say sale of second home but this is the right section, this will take you to the place to enter this sale): https://ttlc.intuit.com/replies/4241480

Entering your inheritance information:

Answer No to the 1099-B question.

On the next screen, select Second Home (choose this also for inherited homes) or Land.

Click Continue.

When you enter the property information, you will enter the sale proceeds and date of sale.

On the next screen, Tell Us How You Acquired This Home, you will select "Inheritance".

You will then enter the date you acquired the investment, then the Fair Market Value of the property on the next screen. For tax purposes, the cost basis of the property is the Fair Market Value (FMV) on the date of death, or a subsequent date six months later if decided by the executor.

TurboTax will then calculate any gain/loss (if applicable).

Please note that a loss is not reportable on an item you did not use for investment purposes.

Once the return has been amended, you will print and mail the amendment to the IRS. The IRS does not allow efiling of amended returns.

topic I had inheritance/sale of real estate in early 2016, not accounted for in my return, and for which I have just received a form 1099-S - will I need to amend my return? in After you file

I had inheritance/sale of real estate in early 2016, not accounted for in my return, and for which I have just received a form 1099-S - will I need to amend my return?

Yes, you will need to report the form on your tax return...