Randy S. asked
I’m doing my taxes for 2023 and need help with inheritance I received. My mother passed in 11/2021, leaving a trust for her property. The home was sold on 7/06/23, and all money was distributed to each beneficiary. The fair market value (FMV) when she passed was $1.2 million, and the house was sold for $1 million. I received $240,055. I received a 1099-S in both my and my sister's name even though she transferred the home to her name only. Do I report this, and where on my taxes?
October 16th, 2024
Michael N. answered
Because Form 1099-S was issued in your name and your sister's name, it indicates that the property w...
October 16th, 2024
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