How do i claim a real estate sale from a family member's death that was quit claimed deeded to myself?
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How do i claim a real estate sale from a family member's death that was quit claimed deeded to myself?

 
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How do i claim a real estate sale from a family member's death that was quit claimed deeded to myself?

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How do i claim a real estate sale from a family member's death that was quit claimed deeded to myself?

For the sale of inherited property, it depends on who made the sale.  

  • If sold by the Estate and the proceeds divided among the heirs, the Estate would report the sale on its' separate income tax return (Form 1041.)  Any gain or loss on the Estate return would be included on the Schedule K-1 the Estate provides the heirs based on what was reported on the Estate return.
  • If the property is distributed to the heirs and then sold, then the heirs report the sale.  If there are multiple heirs, each reports his/her share.  For example, a 50% beneficiary would report ½ of the sales price and cost.  The gain or loss on the sale is the sales price minus cost.

The sales price is what it was sold for.

https://ttlc.intuit.com/replies/4241480

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