Inherited home sale - description question

[DXY2021]

I know when i went through the interview, they had me enter the house selling expenses and it was reported as a "basis adjustment" (code E) on form 4989. 

So basically, I didn't net the selling costs into the specific house basis cell - the form shows the selling price cell and cost basis cell as the same number, but then adds the selling costs (code e) in form 4989 column G (amount of adjustment) . With this entry,  the gain/loss column shows a loss which = the amount of the selling expenses, etc.

[DMarkM1]

Yes, that sounds correct.  The Code E in Column f indicates there was a form 1099-S that did not include "Selling Costs" and then you enter the "Selling expenses" in Column g.  In your scenario you have entered a cost basis and selling price as equal, so the loss shown would be the selling expenses. 

@DXY2021    

[CHERITX2]

Father passed away in 2006 without a will and the house just sold in November, 2022.  Each sibling was sent a 1099 S for Proceeds from Real Estate Transaction.  My portion was $18750. and the 1099S shows Real Estate Tax portion I paid was $27.71.  How do I enter this transaction and where do I list the Real Estate Tax portion?

[AmyC]

I am assuming this is not a rental home since that would already be a part of your return. You would just dispose of the rental asset.

The inherited home is a capital asset and will end up on Sch D. as a long term gain/ loss.

You need the basis which is the value on date of death in  2006. You may be able to get that from property records or a knowledgeable real estate agent.

You have the sales price on the 1099-S. Follow the directions at Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

You can add $27.71 under the federal deductions section for property tax paid. If you itemize deductions, you can claim the property tax on your schedule A along with your primary home's property tax.