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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
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 do I show this on my tax return when I was issued a 1099S from the escrow company
Thank you
Renee Berreth
Submitted: 1 year ago.
Category: Tax
Expert:  Mark D replied 1 year ago.

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

Customer: replied 1 year ago.
me.....yes the home was sold
Expert:  Mark D replied 1 year ago.

And you sold the home to an unrelated party?

Customer: replied 1 year ago.
the home was sold to an unrelated party
Customer: replied 1 year ago.
waiting for your answer
Customer: replied 1 year ago.
what is your phone number
Expert:  Mark D replied 1 year 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 1 year ago.

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