I inherited a house, the "cost bases" was bigger than the sale price (inherited and sold same year) -- will that reduce my tax as per the 1099-S ?
No, because losses from personal property cannot be claimed as a deduction on your taxes. It's an unallowed loss.
When you inherit property after the owner dies you automatically receive a "stepped-up basis." This means that the home's cost for tax purposes is not what the now-deceased prior owner paid for it. Instead, its basis is its fair market value at the date of the prior owner's death.
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