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Tax?? Client inherited his brother's house in Maryland and…

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Tax?? Client inherited...

Tax?? Client inherited his brother's house in Maryland and sold it. He lives in NC and received a 1099-S What forms do I use to show the $$ is from a death benefit

Accountant's Assistant: What state is the Client in? It matters because laws vary by location.

The client lives in NC

Accountant's Assistant: What steps have been taken so far?

Nothing he just has the 1099-S and paid Maryland state taxes when the house sold

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Would a tax expert be better?

Submitted: 28 days ago.Category: Tax
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Answered in 4 minutes by:
3/26/2018
Tax Professional: Barbara, Enrolled Agent replied 28 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,792
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The sale will be reported on Form 8949 and Schedule D.

Capital gains tax may be due on the gain, which is the difference between the basis (cost) and the sales price. Inherited property receives a stepped up basis, which is the fair market value as of the date of date.

If your client inherited the property and quickly sold it, there is usually no gain, but the sale must be reported.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 28 days ago
if the proceeds were split with the sister just show 1/2 the value of the house since he only received 1/2 the proceeds? Sorry I forgot to include that in my original statement.
Tax Professional: Barbara, Enrolled Agent replied 28 days ago

Did the sister receive a 1099-S?

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Tax Professional: Barbara, Enrolled Agent replied 28 days ago

I see you requested a phone call, but there is a problem at your end.

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Tax Professional: Barbara, Enrolled Agent replied 28 days ago

If the sister received a 1099-S, your client and his sister each report 1/2 of the transaction details.

If the sister did NOT receive a 1099-S, your client reports the entire sale on his tax return.

If he gave more than $15,000 to his sister from the sales proceeds, he will also have to file Form 709 (gift tax return).

The sale will need to be reported on federal, MD nonresident, and NC resident returns.

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Tax Professional: Barbara, Enrolled Agent replied 28 days ago

Your phone call request has not gone through.

We can continue here.

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Tax Professional: Barbara, Enrolled Agent replied 26 days ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,792
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