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I have a client mother passed away there is a 1099 s, closing fees, attorney fees, then a 20000.00 dollar check for inheritance. I need someone who would be willing to let me call them to help me walk through where to put the correct information for this in pro series. I have never dealt with a situation like this before.
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Sold after death? You've probably got a 1041 filing requirement, Whos SSN /EIN is on the 1099S?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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It is the daughters ss# who is my client and she is married FJ if that makes any difference.
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Oh good, that makes it easier.
Sale of an inherited home will go on Sch D, use the 1099B worksheet and just skip over the brokerage section, to the entry table.
Use Inherited as the date acquired, that will make it Long term, put the sales price as the gross proceeds and the basis (FMV at date of death+ any cost of sale) in the Cost Basis box.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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would I use the date of the mothers death or the legal court docs that name her and her sisters as sole heirs?
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thank you, I am trying. I have never delt with a monster like this before.
mom died in 2021
Daughter through the courts got title in April of 22
sold the house May 2022 for 114600 according to 1099 S(in her name & SS#)
Had mortgage payoff, attorney fees, normal closing cost,
After all that was said and done she split with her sister, She received a 20,000 check from the attorney for the Remainer of the sale of the house.
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Youre over thinking it. Go back up to my original post and follow the instructions I gave you...all that extra stuff you just added, doesnt mean anything.
You need to know 3 things....
FMV of the house at the date of death.
Price the house sold for.
Any costs associated with the sale (repairs, closing costs, staging, realtor commissions etc.)
You'll likely end up with a capital loss.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪