proceeds from sale of a house

Forum|Forum|1 year ago
February 27, 2025
3 replies
10 views

Brother and sister bought a home in the 1980's. Brother died in 2009 and 92 year old sister (living) sells the house in 2024 for $515,000. The proceeds of the house were divided among 9 family members, my client being one of them. She received a 1099 S for her share about 30,000.

How and where do I report her proceeds?

ProSeries Basic

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Skylane

Intuit Community Champion

Sounds like.................... your client inherited a portion of the brothers 1/2 of the house and he received a 1099s for that share?

if so, you need the stepped up basis for the portion your client inherited as of DOD and your clients portion of (if any) of expenses, etc. Report on Sch D.

If at first you don’t succeed…..find a workaround

Camp1040

Level 10

Quick general rule, step up basis divided by 9, report transaction on sch.D

you know you should have a general knowledge of the stuff and save the life line of the community for the hairy stuff. Only my 2 cents.

BobKamman

Level 15

@Camp1040 wrote:

Quick general rule, step up basis divided by 9, report transaction on sch.D

you know you should have a general knowledge of the stuff and save the life line of the community for the hairy stuff. Only my 2 cents.

How do we know the 9 does not include the sister, and maybe the sister's children also? You should have a general knowledge of what to ask before a quick guess. And it's a better question than the guy who recently asked about rolling over gain to a new primary residence.

Camp1040

Level 10

@BobKamman You're right, that's why the preface of a quick rule with very limited information on hand, and I did not want to ask questions of the OP at this time.