Phil Marti wrote:

- quote -

Although I agree with this step, your tax return should also
somewhere state that you have made a nominee distribution to
the other 4 heirs.

The 1099-S should have probably shown the estate's TIN, not
your individual SSN.

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<beavismom95[at]hotmail.com> wrote:

- quote -

You prepare a 1099-S for each of the other recipients
showing his share. You'll also need a 1096 cover sheet.

- quote -

You report it on Schedule D of the 1040, in accordance with
its instructions. This is not a bar to e-filing.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

beavismom95[at]hotmail.com wrote:

- quote -

To properly report any "gain or loss" on the sale of the
house, you need an appraisal showing the FMV of the house on
date of death. If you don't have that, you will need to have
a retroactive appraisal done to establish your "cost
basis".

Enter the sale in the Long Term section of your Schedule D
(Line 8), using "Inherited" for Acquired Date and the value
from the 1099-S in the Gross Sales Price box. Adjust the
Cost Basis determined by appraisal by adding any sales
commissions paid and other closing costs (don't forget the
cost of the appraisal). Calculate your gain or (more likely)
loss, just like any other sale of capital assets.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

My mother passed away and we sold her home and split the
proceeds between the 5 of us. I received a 1099-S for the
full amount of the proceeds and now I am really confused how
to file this. As far as I can make out from the IRS
information, this money shouldn't be taxed because the home
didn't increase in value from her death till the sale (in
fact we probably lost money), but I don't know how to
explain all this to the IRS since all that money has been
reported under my SSN. I am guessing that I won't be able
to e-file at a minimum. Thanks for any help you can give!

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >