sold inherited home to my sibling

Sue916 · ‎February 2, 2020

My father passed away March 2019.

My brother and I inherited his home.

We had it appraised at $100,000 a month later.

My brother wanted to keep the home and bought my half of the FMV, ($50,000)

He paid me with his personal funds.

Zero capital loss or gain.

Do I need to report this ?

How do I report this ?

MayaD · ‎February 2, 2020

Yes, you have to report the sale of inherited home.

Log in to your account.
Go to Federal Taxes.
Go to Wages and income.
Go to Investment Income.
Go to Stocks, Mutual Funds, Bonds, Other.
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
Answer No to the 1099-B question.
Select Second Home for the question What type of investment did you sell?
For the question How did you receive this Investment choose I inherited it.

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