Hi, all, my client's father passed away and left a house that was in his name and my client's name. My client sold the house, he never lived in it, the 1099S came in his name. He divided the capital gains amongst his siblings. How do I report this?

Forum|Forum|4 years ago
March 28, 2022
5 replies
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How, do I report the sale of the house so that he doesn't have to pay capital gains taxes?

His father didn't leave a will

ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

The sons basis (assuming he wasnt on the title at the time of death) will be the stepped up basis (FMV) at the date of death.

The you'll use SCh D, 1099B worksheet, scroll passed the brokerage info at the top.

Sale of Inherited property, date acquired will be Inherited, purchase price FMV at DOD, sales price, youve got the 1099S. You can double click, on the entry line and make adjustments to basis for the closing costs.

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