sale of inherited property with multiple beneficiariws

[jp2025]

hi, siblings passed away 2022, her property was sold in 2024. we received a 1099-S that states estate of "name", the siblings that passed away. does the personal representative who is in charge of distributing the income sold from the home provide a new 1099 to each siblings including themselves?

[maglib]

@jp2025  so sorry for your loss.

It all depends how the estate was set up and if there was a Trust.

A 1099-S would most likely have been reported to the executor only in the name of the Estate. It is only prepared if the sales price is in excess of 250k for an individual ($500k married couple).

If the assets were in a Trust, it is possible there is nothing for you to report as the TRUST itself may have reported it all and no filings would then be needed for taxes to you.  A TRUST can be simple or complex.  If complex, the TRUST may or may not distribute Net income.  In a simple Trust you would get a k-1. In a complex Trust you may/ may not get a k-1.  

If no Trust, an estate tax return only is generated if there is more than $600 in gross income. The trustee would file a form 1041.  

Since you inherited stepped up basis upon date of death, there should be no material gain/loss unless it was an extended time frame.  

The executor though is required to give you an accounting of your assets and was also required to do a reading of the will.

I hope this helps.

[jp2025]

one siblings is insisting we are suppose to each receive a 1099 with each of our name for the inheritance amount each person got under his name from the sale if the home

[maglib]

@jp2025  I gave you all the details.  The 1099S is in the name of the estate if one was even produced.  

If you had transferred ownership to each of the siblings first, then you would each have gotten a 1099-S.  No reason to have done that...  The Trustee or Executor is the person who should know all the details on how the estate is getting settled.