If you didn't receive form 1099-S, enter your half of the proceeds and half of the basis. Your brother would do the same on his tax return. To enter the sale of your inherited home, click here. The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death or The FMV of the property on the alternate valuation date if the executor of the estate chooses to use alternate valuation. I'm so sorry for your loss.

Question

My brother and I inherited our father's house we sold the house, do we show the value at what the house sold for or do we list it has half for each of us?

Forum|Forum|4 years ago
February 24, 2022
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HelenC12

If you didn't receive form 1099-S, enter your half of the proceeds and half of the basis. Your brother would do the same on his tax return. To enter the sale of your inherited home, click here.

The basis of property inherited from a decedent is generally one of the following:

The fair market value (FMV) of the property on the date of the decedent's death or
The FMV of the property on the alternate valuation date if the executor of the estate chooses to use alternate valuation.

I'm so sorry for your loss.

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