I received a 1099-S after we sold my dad's house. He passed away in May 2019 and we sold the house in August 2020. There were 8 of us that received a portion, not all equal portions. How do I enter this on my taxes? I believe it's on Schedule D. Is the cost basis the amount the house sold for? And the sales proceed the amount indicated on my 1099S?
Thank you,
You'll need to sign in or create an account to connect with an expert.
sorry for your loss. the cost of the house is the Fair Market Value on the date of his death. in addition, you get to report your portion of selling expenses such as brokers fees, title charges..
Thank you!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
scmori
New Member
NewDawn
Level 2
robert-e-browning
New Member
tyronerucker
New Member
mikekonczal
New Member