Inherited property sold. Got $10,645 but 1099-S shows $14,867 (corrected). Report full amount? Is difference selling costs? Can sale price be basis? How to enter this?

[patdume]

My step sister sold the house and sent checks to all his kids. So all i received was proceeds but there are a ton of questions that I don't have answers to. Just a simple 1099-S

[DavidD66]

To report the sale of your inherited property, while logged in to your return:

• Click on the Search icon and type in "Sold Second Home"
• Click on the link "Jump to sold second home"
• Answer Yes on the "Did you have investment income in 2025?" screen, then Continue
• If you land on the "Your investments and savings screen, select Add Investments 
• Follow the instructions.

You need to report the amount on the 1099-S as the proceeds, then report the difference in what your received and the 1099-S amount as selling expenses.  The cost basis is the value of the property on day the decedent pass away.  If the date of death and date of the sale are close together, the cost basis and proceeds may very well be the same amount.   

[Mike9241]

You need a copy of the closing statement. basis/cost would generally be fair value on the date the previous owner died + cost of subsequent improvements. However, different rules could apply if the property was in a community property state or certain other situations