Colmatt
Level 5
03-20-2023
12:28 PM
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Received 1099-S for inherited home sale. I understand it is a long term asset sale and in this case a loss after closing costs taken into account. I have entered it directly on schedule D which flows to form 8949. Nowhere does it let me note it was a 1099-S. Am I missing something in the program or does it not matter?
Client is in CT. Do we need to file a NM - Nonresident return for the sale?
Thank you and please correct me if I'm wrong.
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sjrcpa
Level 15
03-20-2023
05:59 PM
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"Nowhere does it let me note it was a 1099-S"
It doesn't matter.
New Mexico will probably want a tax return showing the gross proceeds from the 1099-S. Read the NM instructions under Who Must File.
Ex-AllStar
