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ekem25
New Member

1099 S on inherited property

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,

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2 Replies

1099 S on inherited property

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.. 

ekem25
New Member

1099 S on inherited property

Thank you!

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