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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1250
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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1099s sale of father's home after s death......father's was

Customer Question

1099s sale of father's home after his death......father's was set up by his attorney as a gift and not to be taxable.......how do I show this on my tax return when I was issued a 1099S from the escrow company
Thank you
Renee Berreth
Submitted: 10 months ago.
Category: Tax
Expert:  Mark D replied 10 months ago.

Hello, who is reflected as the seller on the 1099S? Was the property actually sold?

Customer: replied 10 months ago.
me.....yes the home was sold
Expert:  Mark D replied 10 months ago.

And you sold the home to an unrelated party?

Customer: replied 10 months ago.
the home was sold to an unrelated party
Customer: replied 10 months ago.
waiting for your answer
Customer: replied 10 months ago.
what is your phone number
Expert:  Mark D replied 10 months ago.

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.

Expert:  Mark D replied 10 months ago.

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