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1099s sale of father's home after s death......father's was…

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1099s sale of...
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: 2 years ago.Category: Tax
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Answered in 4 minutes by:
1/24/2016
Tax Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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Hello, who is reflected as the seller on the 1099S? Was the property actually sold?

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Customer reply replied 2 years ago
me.....yes the home was sold
Tax Professional: Mark D, Enrolled Agent replied 2 years ago

And you sold the home to an unrelated party?

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Customer reply replied 2 years ago
the home was sold to an unrelated party
Customer reply replied 2 years ago
waiting for your answer
Customer reply replied 2 years ago
what is your phone number
Tax Professional: Mark D, Enrolled Agent replied 2 years 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.

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Tax Professional: Mark D, Enrolled Agent replied 2 years ago

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