Inherited a home along with a sibling. Within 3 months, we sold the home. 1099-S is for my half of proceeds.

[shan-matt]

In TurboTax, I list the amount of my 1099-S, but am asked to list the FMV on the date of my my father's passing - which incorrectly shows a significant gain.  Do I halve the FMV to reflect my half of proceeds?

[Fern · Accepted solution]

Yes, your share of the FMV of the property should be the same as your share as reported on the 1099-S. If the 1099 S is for 50% of the sales price then you should report 50% of the total basis in the property.