Me and my two siblings inherited a home from my father and sold it shortly after he passed away. There was no change in the FMV. The home was sold for $600,000 each of us received a 1099S for $200,000. In Turbo Tax Premier it asks for the proceeds and the FMV. What amounts would I put in each box?
For the proceeds, you would enter the amount that you received from the transaction, $200,000. Then, for the fair market value, you would enter one third of the fair market value (FMV) of the property since you received one third of the proceeds.
Typically the FMV is determined by an appraisal done at the date of death.
My condolences for your loss.
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