Inheritance under $250k and no 1099-S

[roseyday5]

 I am the executor of my father's estate.   We sold his home for $162,000.  I was told by the settlement agent that I would not receive a 1099-S since the value of the home was under $250,000.  Am I required to add the sale to my personal income tax?  (note there are 3 beneficiaries to the estate).  If so, where would I enter this information?

[tagteam]

If the estate sold the home you need to file Form 1041.

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000285942

[roseyday5]

Yes, the estate will file 1041.

My question pertains to my personal taxes.  Do I need to claim sale of house if no 1099S as issued, since home sold for under $250,000? 

[MarilynG1]

Doesn't matter if you received a 1099-S or not.  The estate will issue a K-1 to each of the beneficiaries to report the income on their personal tax returns.

The 250K exclusion on a home sale applies to a homeowner selling their own personal residence, not an inherited home.

Whether you have any taxable Capital Gains or not depends on the Cost Basis (value of home on father's death), plus Sales Expenses, subtracted from Net Proceeds. 

Here's how to report the Sale of Inherited Home.