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C
Colmatt
Level 5
March 20, 2023

Sale of inherited house in New Mexico

  • March 20, 2023
  • 1 reply
  • 5 views

Received 1099-S for inherited home sale.  I understand it is a long term asset sale and in this case a loss after closing costs taken into account.  I have entered it directly on schedule D which flows to form 8949.  Nowhere does it let me note it was a 1099-S.  Am I missing something in the program or does it not matter?

Client is in CT. Do we need to file a NM - Nonresident return for the sale?

 

Thank you and please correct me if I'm wrong.  

 

 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 20, 2023

    "Nowhere does it let me note it was a 1099-S"

    It doesn't matter.

     

    New Mexico will probably want a tax return showing the gross proceeds from the 1099-S. Read the NM instructions under Who Must File.

    The more I know the more I don’t know.
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