My sisters & I sold my deceased dad's home & are splitting the proceeds 3 ways. I am the administrator of the estate - how do we report this so we're all taxed evenly?

[snfordyce]

The seller at closing was listed as dad's estate but I signed the documents as administrator. My sisters signed some documents during the process but not at closing. During probate we were all listed as his only heirs so I'm not sure if we technically all 3 owned the house or just me.

[Critter-3]

If the estate sold the home and is listed on the 1099-S then the estate must file a form 1041 to report the sale  and  pass the income thru to the beneficiaries via the K-1 forms the 1041 will produce.   Please seek local professional assistance to complete the form 1041 if you don't understand how to or why to do this. 

If you want to try it yourself then you need the TT BUSINESS program :  https://turbotax.intuit.com/personal-taxes/cd-download/

Or with help :  https://turbotax.intuit.com/personal-taxes/online/live/business-taxes/

[snfordyce]

On the 1099-S my name is listed as the administrator of dad's estate. Could I file that with my personal taxes at the end of the year since I'm listed? 

[Mike9241]

apparently the trust owned the property it must report the sale and distribution the gain to the beneficiaries.

I would think the trust's ID# is on the 1099-S. 

[Critter-3]

Your name was on the 1099-S because you were the living human in charge of the estate but the estate sold the home and the estate EIN would have been on the 1099-S so the IRS expects the estate to file a tax return showing the sale even if it will be a loss in the end. Failure to file this return will get you a CP2000 letter in a couple of years that you will have to deal with as the living human in charge of this issue ... so you either deal with it now or deal with it later.

The estate will file a 1041 form and either pay the taxes (if any) at the much higher estate tax rate or pass the profit or loss  thru to the beneficiaries on each person's K-1 form (this is the normal method) to be reported on their personal returns.  If you do not understand any of what this means I highly recommend you seek local professional guidance in the matter.