Question

Sale of Inherited home

Forum|Forum|6 years ago
February 6, 2020
1 reply
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I have already filed my taxes, so I know I will need to do an amendment.

I inherited 1/4 of the sale of my mother's home after her passing.

The sale occurred in November 2019, but I am not receiving the funds until tomorrow, 2/6/2020, due to settling the estate. So I thought this would go on my 2020 taxes, I guess I was incorrect.

I don't have any tax forms from the sale, or lawyer...1099? Do I need this form to fill out the amendment? I do have the tax value at the time of death and the final sale price.

Also, how much do I put on the amendment? Is it only the gain from the value of the property at the time of death to the sale? Or is it the total amount regardless?

J

JulieS

In this case, you may to get a 1099-S form for the sale of the home. That is based on the closing date, so it would be issued in 2019.

But before you do anything, check with the lawyer, if the 1099-S is issued to her estate, the estate has to report it, not you.

If you received the 1099-S in your name, you report the full sale price, but you can deduct the value at the time of death, so you may not have much gain.

You may also get a Schedule K-1 from the estate. If you do, you may need to amend your return to add that.

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