1099-S? Sale of deceased relatives home
 

Has anyone ever dealt with this? How did you fill this out on your taxes?

turbo tax

All that form means is the gubment is going to steal more of your money.

Nope. Turbotax was worthless for this question. as was taxact and HR Block online.

The safe thing to do is to just send the IRS all of your money.

Is it a gift?

When they pry it from my cold dead fingers.

Oh wait... they do that too.

BASTARDS!!!

Does this help?

http://wwwtaxman.blogspot.com/2007/0...inherited.html

When you report it on your tax return, it goes on Schedule D. Instead of entering the date acquired, enter “Inherited.” For the date sold, enter the actual date title was transferred to the purchaser. Even if you sold it a week after you inherited it, you would report it as a long-term capital gain or loss.

I have searched all over the net and found tons of different "answers" and none of them were as helpful as that one.

Thanks. :thumb:

Hmmm...according to this it isn't taxable income, which surprises me.

http://www.sacbee.com/static/weblogs...s/cat_irs.html

Deceased mother's home

Question: I received money from the sale of my deceased mother's home. It was given to me by her will along with 3 siblings. After the sale the title company issued each beneficiary a 1099-S indicating a 4th of the money. Does this income have to be claimed since it was an and the will specified the house would be sold and divided 4 ways.

Answer: The title company is required to tell the IRS when there is a transaction. In your case the money you received from the estate is not taxable.

yeah, they did away with the "death tax" (inheritance) as long as it was under $250,000 single or $500,000 married.