1099S-Net Proceeds/FMV boxes. 6 kids inherited moms house upon her death. Sold for 146K. Each of us receiving 24K. Do I just use the 24K for both Net Proceeds and FMV?
1099S-Net Proceeds/FMV boxes. 6 kids inherited moms house upon her death. Sold for 146K. Each of us receiving 24K. Do I just use the 24K for both Net Proceeds and FMV?
Yes if the house did not appreciate between the date of her death and the time you sold it. If it did, you would have had a gain.
1099S-Net Proceeds/FMV boxes. 6 kids inherited moms house upon her death. Sold for 146K. Each of us receiving 24K. Do I just use the 24K for both Net Proceeds and FMV?
Yes if the house did not appreciate between the date of her death and the time you sold it. If it did, you would have had a gain.
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