Answered: Sale of inherited house in New Mexico

Colmatt · ‎03-20-2023

Received 1099-S for inherited home sale. I understand it is a long term asset sale and in this case a loss after closing costs taken into account. I have entered it directly on schedule D which flows to form 8949. Nowhere does it let me note it was a 1099-S. Am I missing something in the program or does it not matter?

Client is in CT. Do we need to file a NM - Nonresident return for the sale?

Thank you and please correct me if I'm wrong.

sjrcpa · ‎03-20-2023

"Nowhere does it let me note it was a 1099-S"

It doesn't matter.

New Mexico will probably want a tax return showing the gross proceeds from the 1099-S. Read the NM instructions under Who Must File.

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

View solution in original post

sjrcpa · ‎03-20-2023

"Nowhere does it let me note it was a 1099-S"

It doesn't matter.

New Mexico will probably want a tax return showing the gross proceeds from the 1099-S. Read the NM instructions under Who Must File.

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

Sale of inherited house in New Mexico

©1997-2026 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.