Greetings. My mother passed away in November, 2022, and my brother and I inherited her estate (even split). Among her possessions was her house, which we fixed up a bit and finally sold in May of 2023. The net proceeds of roughly $176,000 (after mortgage payoff and other concessions) was held by an attorney, pending release to us by the court.
The attorney sent us 1099-MISC forms for roughly $88,000 each. We also got what we believe to be the equivalent of a 1099-S from the title company who did the closing on the sale of her house. Neither of us has dealt with this before, but from what I've read, we shouldn't have to owe any taxes on the sale of the house. The house sold for a bit less than the original asking price, and was consistent with the comps in her subdivision.
Is there a way to do this in TurboTax Deluxe with the 1099-MISC and the 1099-S? When I entered the 1099-MISC data, it then told me I owed a bunch of taxes. Would the entry of the 1099-S offset that in any way?
Thanks for any info you can provide. I can provide more info if necessary.
