I received a 1099-S from my Grandmothers Home being sold. Apparently all the kid and grand kids received a portion of the proceeds. I did not live or own this home.

[dave1666]

I received a 1099-S from my Grandmothers Home being sold. Apparently all the kids and grand kids received a portion of the proceeds. I did not live or own this home.  How and were in premier should I file.  I looked at the assistance but I feel they just don't answer specific enough that I'd be satisfied that it is correct.

[Patrice · Accepted solution]

Since you received a 1099-S Form, you will need to report it, even if you don't owe taxes on the sale. 

An inherited property that you do not live in is considered an investment and the sale follows the rules of any sale. You get a stepped up basis in the property to the Fair Market value at time of death and your holding period is automatically long term.

Here are the instructions to enter your Form 1099-S.  Read the screens carefully and check any blue text links on the screens for additional details that may help you.  You will be asked if you used it for business, rental, inherited, and other situations.

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