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Client received a 1099 S for her part of inheritance of the sale of a farm. Where is this reported?

Young-TP
Level 3

Not sure where to start entering so it flows to the correct forms.

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15

Sch D.   Use the 1099B worksheet quickzoom button at the top of Sch D, scroll down past the brokerage info at the top and use the entry lines below.  

The entries there will flow to the 8949.  Use Inherited as the acquired date that will automatically make it long term.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 15

Also I think there is a box on the worksheet to check to indicate it wasn't reported on a 1099-b. Just my opinion.

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Young-TP
Level 3

so she has to pay taxes on inherited money? She just received a check from the estate.

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BobKamman
Level 15

Her cost basis is the value at date of death.  You haven't told us when that was.  If it was inherited 10 years ago and she has been receiving farm income since then, the sale might go on Form 4797.