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If you sold the house for less that your cost basis in the house was, there is no gain on sale and therefore no tax liability. A loss on the sale of a personal residence is considered a nondeductible personal expense.
The cost basis is usually the fair market value at the time the owner of the house died, or when the house was transferred. If you chose a valuation date of six months after the date of death, the cost basis was determined at the date.
Thank you very much. Would the buyer of the house still be required to send me a 1099-S form?
There is no requirement to send a 1099-S. The 1099-S isn't entered directly into the tax return. The information on the form is entered into the investment section. That would be the date the
sale was recorded and the selling price. You will have that information already and can enter that into TurboTax.
Under income
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