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Old 02-01-2008, 11:41 PM  
007 007 is offline
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1099-S? Sale of deceased relatives home
Has anyone ever dealt with this? How did you fill this out on your taxes?
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Old 02-02-2008, 08:38 AM   #2
acesn8s acesn8s is offline
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turbo tax
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Old 02-02-2008, 11:29 AM   #3
KCFalcon59 KCFalcon59 is offline
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All that form means is the gubment is going to steal more of your money.
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Old 02-02-2008, 09:37 PM   #4
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Quote:
Originally Posted by acesn8s
turbo tax
Nope. Turbotax was worthless for this question. as was taxact and HR Block online.
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My dear girl, there are some things that just aren’t done. Such as, drinking Dom Perignon ’53 above the temperature of 38 degrees Fahrenheit. That’s just as bad as listening to the Beatles without earmuffs.
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Old 02-02-2008, 10:17 PM   #5
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The safe thing to do is to just send the IRS all of your money.
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Old 02-02-2008, 10:20 PM   #6
Bill S Preston Bill S Preston is offline
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Old 02-02-2008, 10:24 PM   #7
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Originally Posted by GoBo
The safe thing to do is to just send the IRS all of your money.
When they pry it from my cold dead fingers.

Oh wait... they do that too.

BASTARDS!!!
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My dear girl, there are some things that just aren’t done. Such as, drinking Dom Perignon ’53 above the temperature of 38 degrees Fahrenheit. That’s just as bad as listening to the Beatles without earmuffs.
Posts: 65,733
007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.
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Old 02-02-2008, 10:25 PM   #8
Bugeater Bugeater is offline
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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.
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Old 02-02-2008, 10:30 PM   #9
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Quote:
Originally Posted by GoBo
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.
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My dear girl, there are some things that just aren’t done. Such as, drinking Dom Perignon ’53 above the temperature of 38 degrees Fahrenheit. That’s just as bad as listening to the Beatles without earmuffs.
Posts: 65,733
007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.
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Old 02-02-2008, 10:31 PM   #10
Bugeater Bugeater is offline
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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.
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Old 02-02-2008, 10:37 PM   #11
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Quote:
Originally Posted by GoBo
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.
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My dear girl, there are some things that just aren’t done. Such as, drinking Dom Perignon ’53 above the temperature of 38 degrees Fahrenheit. That’s just as bad as listening to the Beatles without earmuffs.
Posts: 65,733
007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.007 is obviously part of the inner Circle.
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