Question

Where do I report 1099-S Information for sale of my mother's home upon her death

Forum|Forum|5 years ago
March 2, 2021
1 reply
0 views

mother died, house was appraised at time of death and later sold for more than the appraised value; i received a 1099-S from title company but not clear where I include in my tax return

H

HelenC12

The 1099-S form is informational form. To enter the sale of an inherited home, see Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?

The inherited home is a capital asset. When you sell a capital asset, the difference between its cost basis and the selling price results in a capital gain or loss.

A capital gain is when your asset's sales price exceeds its cost basis (in other words, you made money). Capital gains must be reported on your tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"