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housley3
New Member

My siblings and I split equally the proceeds from our mothers home after she passed away. Less than $22k each. How do I report this? The 1099-S is to the "Estate Of"

The 1099-S is not made out to each of us individually.  Is this necessary to report on my own joint tax filing?
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4 Replies
KrisD15
Expert Alumni

My siblings and I split equally the proceeds from our mothers home after she passed away. Less than $22k each. How do I report this? The 1099-S is to the "Estate Of"

If this was inherited and sold soon after, there will be no tax. 

Enter the 1099-S into your TurboTax program and select that it was inherited. 

The IRS will look for the 1099-S to be reported by the person to whom it was issued. 

 

Some states tax inheritances, so if this is your case, you might need to make an adjustment on the state return, or ask your siblings to pay part of the increase in your state tax. 

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Carl
Level 15

My siblings and I split equally the proceeds from our mothers home after she passed away. Less than $22k each. How do I report this? The 1099-S is to the "Estate Of"

Since the 1099-S was issued to the estate, the sale is reported on the 1041 Estate tax return, and not on any personal return.
The proceeds received by each beneficiary are not reported anywhere on their individual 1040 tax returns.

 

joes tax
Returning Member

My siblings and I split equally the proceeds from our mothers home after she passed away. Less than $22k each. How do I report this? The 1099-S is to the "Estate Of"

So an estate tax  from needs to be filed when the estate is less than 12 million dollars

ThomasM125
Expert Alumni

My siblings and I split equally the proceeds from our mothers home after she passed away. Less than $22k each. How do I report this? The 1099-S is to the "Estate Of"

An estate tax return would need to be filed for federal tax purposes in any year it had more then $600 in gross income. The sale proceeds from the house would not generate income unless the house was sold for more than its fair market value on the day the estate was created. If so, the gain on sale would be considered income.

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