How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15046
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I have a client who received a 1099S inheritance. Is this

Customer Question

I have a client who received a 1099S for an inheritance. Is this reportable?
It was property owned by a deceased relative which was sold and the proceeds were split.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


The inheriting of the property is not the taxable event. The selling of the property is reported.

The cost is the fair market value on the date the deceased passed away so if the property was sold close to the date of death then it is unlikely that there is a gain.

You report the cost as FMV and the difference in that and the sale price is gain or loss.

Please remember to rate my service excellent once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Expert:  Robin D. replied 1 year ago.

Checking to see if you responded