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Hello, who is reflected as the seller on the 1099S? Was the property actually sold?
And you sold the home to an unrelated party?
Thanks. So you would reflect the home sale on your taxes, showing the 1099S amount as gross proceeds. You basis would be the FMV of the home when you inherited it plus any selling costs. This would likely result in no taxable gain if you did not hold it long.
If this was gifted to you before his death and not inherited, please let me know.
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