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August 10, 2023
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1099S

  • August 10, 2023
  • 2 replies
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I received a 1099S for property sold in 2022.  the property was inherited from my uncle who passed in 2004, giving my aunt all the rights and income from it until she passed, which was in 2022.  then we sold it.  is the date that I use for my ownership 2004 or 2022?

    Best answer by Mike9241

    maybe, if your uncles created a life estate for your aunt and you were the remainderman, you would not have become the legal owner until you aunt passed in 2022. we can't see the documents involved so you may want to confer with a real estate lawyer. This is a huge difference,                                                   

    2 replies

    DoninGA
    Employee
    August 10, 2023

    If you inherited the home at the time of the uncle's passing and you were on the title as an owner, then the value of home would be at the time of his passing in 2004.

    August 10, 2023

    thank you.  it was farmland, but I'm sure it's the same.

    Mike9241Answer
    August 10, 2023

    maybe, if your uncles created a life estate for your aunt and you were the remainderman, you would not have become the legal owner until you aunt passed in 2022. we can't see the documents involved so you may want to confer with a real estate lawyer. This is a huge difference,