Question

Tax Year Prior to 2020: Husband received a 1099-s from the sale of his mom's house after she died. it was used to pay the mortgage co off. it was a 25% split. he rec'd $2k. how do we report it?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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mom had a reverse mortgage. his oldest sibling split what was left, after mortgage co paid off, between the 4 of them.

TurboTax Deluxe Online

K

kll

For your security, I have removed your document from this public forum, as it contains person information.

MichaelL1

Employee

To enter your Investments sold

Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button

It is considered Long Term due to being inherited.

The cost basis is the FMV at date of death less his share of debt, plus closing costs.

J

jade-amber12Author

Thank you. I am so confused. Didn't expect this. Didn't realize his brother had put them all down as owners & sellers. We thought the mortgage co owned the home.