What do i do with a 1099-S i recieved on propery i inheretied?

backonmyown_45 · ‎May 31, 2019

RichardG · ‎May 31, 2019

I assume you weren't using the property as your main home.

This sale goes under the heading Federal>Personal>Investment Income>Stocks, Mutual Funds, Bonds, Other. When you get to the screen "Choose the type of investment you sold," select second home or land, whichever is correct

TurboTax will ask what your basis was in the property. For tax purposes, your basis in the property is the fair market value on the date the previous owner died. In most cases where the property sold soon after the death, there is no taxable gain on the sale.

View solution in original post

RichardG · ‎May 31, 2019

I assume you weren't using the property as your main home.

This sale goes under the heading Federal>Personal>Investment Income>Stocks, Mutual Funds, Bonds, Other. When you get to the screen "Choose the type of investment you sold," select second home or land, whichever is correct

TurboTax will ask what your basis was in the property. For tax purposes, your basis in the property is the fair market value on the date the previous owner died. In most cases where the property sold soon after the death, there is no taxable gain on the sale.