Client inherited proceeds from sale of parents home

[kabbabkkg]

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.

[sjrcpa]

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.

[Just-Lisa-Now-]

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

[kabbabkkg]

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

[kabbabkkg]

The parent passed 4/18/20 there are 6 siblings

[Just-Lisa-Now-]

I saw your other post about the "how" do you report it.

Report it on Sch D, use the 1099B worksheet, and make the entries, just like you would have with the old style Sch D.  The entry sheet is similar.

[kabbabkkg]

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- · Accepted solution]

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.

[kabbabkkg]

Thank you that is what I was going to do but was not sure it was the best format.  The FMV will be the sale price?

[kabbabkkg]

Meant to say the basis for the home and properties.

[kabbabkkg]

Thank you Lisa I will see if they can get that from the lawyer who handled the estate.

[rbynaker]

Did anything have to go through probate?  There may have been a FMV filed with the probate court.

[kabbabkkg]

I contacted the client they have other papers, and they are going to look to see if there is anything about the FMV if not they will call one of the other siblings that was involved in getting it all together

[marti567]

If the home was sold for $214,000 and proceeds were split between siblings, do you report the total sale amount? or just the 1/3 that is showing up on the client's 1099s?  
FMV at DOD was $200,000

also, once the info is put into the 1099-B worksheet and flows over to Schedule D, does the data on the 1099s have to be input anywhere else? 

[Just-Lisa-Now-]

whos SSN is on the 1099S?