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Corymac
New Member

How to use the 1099s for Inherated Property sold

In 2023, We sold our mothers condo 6 months after her passing, condo was sold as is and was.

never used, other than for my brothers and I to clean out, her personal items. 

Only expenses were the settlement cost. taken from the sale. 

Do I just use the amount on my 1099 I received for the sale price or

do I have to use the whole price for the sale.

 

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2 Replies
PaulaM
Employee Tax Expert

How to use the 1099s for Inherated Property sold

Enter the sale of the condo in the Investment section and select Other. Enter a name, then choose Second Home from the drop down. From the next drop down, select 'I inherited it'. Continue to enter the description, date the condo was sold, proceeds, and the fair market value on the date of your mother's passing.

Proceeds may be the gross sales amount reported on a 1099-S. If so, then enter the gross amount and continue to next screen to enter all the sales expenses that you had.
I'm sorry for your mother's passing. 

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Corymac
New Member

How to use the 1099s for Inherated Property sold

Thank you for your thoughts and help.

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