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Level 2

Question

1099S

Forum|Forum|4 years ago
February 22, 2022
1 reply
4 views

Where do I file a 1099S for a house that was inherited at my husbands Mother's death?

Level 15

You will enter the information on the 1099-S in the investment section, where you report the sale of the inherited home. The 1099-S will have the proceeds from the sale. The cost basis is the value of the property on the date of death of your husband's mother. Be sure to adjust the cost basis for any improvements you made to the property before selling, and the proceeds for any sales costs not reflected in the proceeds shown on the 1099-S.

Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

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dgoss1104Author

Level 2

Thank you so much for your help. This was my first time dealing with a 1099S and was not sure what to do.