Client inherited proceeds from sale of parents home

Forum|Forum|4 years ago
February 21, 2022
2 replies
11 views

I have a client who has received a 1099S for the proceeds of the sale of deceased parent's

home. I have not had one of these in a long time. Do I just put on Sch D as Inherited Home the basis and sale the same amount? I have no other information on the sale of the home.

ProSeries Professional

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Best answer by Just-Lisa-Now-

You need the client to get that info for you, maybe the realtor that helped with the sale can get a FMV at DOD for them....generally if they sell within a year the value wouldnt change much, but with housing prices as crazy as they are, you never know.

sjrcpa

Level 15

There's a settlement sheet that was issued at the same time as that 1099-S.

Basis = date of death FMV which may not be the same as the sale price.

The more I know the more I don’t know.

K

kabbabkkgAuthor

Level 5

I have a copy of the Seller's Closing Statement which shows the Contract sales price. The date of death was 4/18/20 there is nothing saying what the FMV is of the properties at the time of death.

Just-Lisa-Now-

Answer

Intuit Community Champion

You need the client to get that info for you, maybe the realtor that helped with the sale can get a FMV at DOD for them....generally if they sell within a year the value wouldnt change much, but with housing prices as crazy as they are, you never know.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Just-Lisa-Now-

Intuit Community Champion

so the 1099S is in your clients name and SSN? How long ago did they inherit it?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

K

kabbabkkgAuthor

Level 5

They have 3 and they are all made out to the taxpayer with his social security number

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