I just recently received money from the house that was sold after my mother in law passed away and i got half of the proceeds. how do i file this with turbo tax

[Critter]

Who sold the home ?   You or her estate ?

[shirleyo57]

my sister in law took care of everything. we got half of the proceeds once all was set and done with the lawyer

[Critter]

Did you have to sign closing papers ?   Did the closing company issue you both a 1099-S for your portion of the sale ?   If not then it sounds like the estate sold the home ... check with the lawyer.

[shirleyo57]

yes my husband and sister signed the closing papers and no we did not get a 1099-s form, at least not yet, just a check after 6 months later

[Critter]

The 1099-S would be in that huge package of closing papers they gave you at the signing.  You will report the sale on your tax return since you inherited it ... your basis will be the fair market value as of the date of death or an alternate date if an estate return was completed.

[shirleyo57]

We didn't get copies of the closing the buyers did ! My husband and his sister each got 1/2 of the house proceeds since their mother passed away and the house was left in their names ! They sold they both got a check  of their share

[Critter]

Really, you sold a house & have no documentation to show for it? I find that hard to believe ... if that is true you have a lawsuit to file.

[re2boys]

Was the house in your husband's and sistter-in-law's names prior to mother in law's death, or transferred into their name after her death or the estate sold the house and then distributed the proceeds?  Without factual information, we can't provide an accurate answer.

[ScruffyCurmudgeon]

RE2BOYS has ASKED THE CRITICAL QUESTION:   Did the Estate sell the house or did you and your sibling inherit the house and then sell it?

[Critter]

Yes ... it circles back to my original question.

[shirleyo57]

We inherited it and sold it like a month before my mother in law passed away ! The house was in my husbands name and his sisters name

[Critter]

You did not inherit the property if you took possession on the deed  before her death ... so it was a gifted property.  And it was sold as a second home ...

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[Critter]

And you MUST have received a 1099-S from the sale ... please request a copy from the closing company.

[ScruffyCurmudgeon]

Critter - it is investment property, not a second home