I have a 1099s form from the sale of my dad's house. my sister's and I inherited I know I have to report it and it's not taxable but what other forms to prove inherited?

t3433st · ‎January 20, 2022

DaveF1006 · ‎January 20, 2022

You do not not need to report on the return that the house is inherited. You do need to use The fair market value (FMV) of the property on the date of your father's death as the basis of the house.

When you report the sale of the house, make sure you report 1/2 of the FMV basis on your return as well as 1/2 of the proceeds. Your sister will do the same on her return.

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DaveF1006 · ‎January 20, 2022

You do not not need to report on the return that the house is inherited. You do need to use The fair market value (FMV) of the property on the date of your father's death as the basis of the house.

When you report the sale of the house, make sure you report 1/2 of the FMV basis on your return as well as 1/2 of the proceeds. Your sister will do the same on her return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Carl · ‎January 20, 2022

You do not not need to report on the return that the house is inherited.

Depending on your specific and explicit situation, you may be asked how you acquired the property, and one of the selections is to indicate you inherited it. This is not reported on the actual filed tax return. It's used to establish your cost basis on the property, among other things.

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I have a 1099s form from the sale of my dad's house. my sister's and I inherited I know I have to report it and it's not taxable but what other forms to prove inherited?