taxes96786
Level 9

Client inherited residential property in July 2018. It has not been occupied since then. Major repairs were needed...then Covid hit. Property sold in 2021.

 

IRS instructions say to report on F8949 and then Sch D. 1099-S does not show basis but I do have it along with expenses for repairs and sale. Ori Basis 726,400.  Repairs/Improvements exceed 200K  1099-S gross proceeds is 897K. 

I can't find F8949 in my ProSeries forms list. Can I report the sale on Sch D and not start with F8949?  Can I use 1099-B to replace 1099-S?

In more than 20yrs of preparing returns I have never had to report sale of inherited home. I know to put inherited on date acquired. 

 



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