Sale of inherited property 1099 S

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Meaty
Posts: 668
Joined: Mon Jul 22, 2013 7:35 pm
Location: Texas

Sale of inherited property 1099 S

Post by Meaty » Tue May 14, 2019 8:51 pm

I’ll be receiving about $115,000 from the sale of inherited real estate. The value is based on an appraisal that was done shortly after the decedent passed so, with my stepped up basis, I should have no capital gain.

The attorney facilitating the sale collected w-9 info; I presume so he could send a 1099 S at year end. How will it show $0 tax liability?

Thanks
"Discipline equals Freedom" - Jocko Willink

MrBobcat
Posts: 66
Joined: Fri Jan 11, 2019 5:19 pm

Re: Sale of inherited property 1099 S

Post by MrBobcat » Tue May 14, 2019 9:46 pm

Meaty wrote:
Tue May 14, 2019 8:51 pm
I’ll be receiving about $115,000 from the sale of inherited real estate. The value is based on an appraisal that was done shortly after the decedent passed so, with my stepped up basis, I should have no capital gain.

The attorney facilitating the sale collected w-9 info; I presume so he could send a 1099 S at year end. How will it show $0 tax liability?

Thanks
It won't it will report the gross sale. It will be to you report the sale and stepped up basis on your tax return.

Katietsu
Posts: 1947
Joined: Sun Sep 22, 2013 1:48 am

Re: Sale of inherited property 1099 S

Post by Katietsu » Tue May 14, 2019 11:29 pm

Take a look at IRS form 8949.

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