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georgem757
March 16, 2025
Question

three of us inherited a house and then sold it....fmv was110000 and we each got 36666.66...do i need to file a 1009-s on my taxes....all we got was a substitute 1009-s...

  • March 16, 2025
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    1 reply

    M
    MinhT1
    March 16, 2025

    Your share of the inherited house is not taxable.

     

    Your cost basis of share is updated to its fair market value at the time of death of the previous owner.

     

    As you sold it your cost basis, there is no capital gain.

     

    However, as you received a substitute form 1099-S, you'll have to report the sale on your tax return. There is no capital gain and no tax on the sale.

     

    Please follow the instructions in this TurboTax Help article to enter the substitute form 1099-S on your tax return.

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