Taxpayer & son inherited real estate from taxpayers fatherr equally. Son lived in house (no rent) for years. House sold - taxpayer & son shared equally in proceeds. Proceeds reported on 1099-S. Are proceeds taxable. I'm leaning towards not but not sure. Thank you.
Each gets stepped up basis when property was inherited. 50% each. Son would be entitled to sec 121 exclusion. TP would pay gain on 1/2 sales price less adjusted basis, etc.
this assumes your TP did not live at residence for 2 of last 5 years.
Yes, to both.
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