Crank Posted February 2, 2016 Report Share Posted February 2, 2016 1. Issued in the name of mother's estate which was closed in 2009 but has the client' tax id number. Client was the sole heir to the estate and never changed the name on the deed per an attorney's advice. Property sold and the client received the proceeds, no problem. Will the name on the 1099-S present an issue? 2. 1099-S show gross proceeds of $117K. Actual amount received, less the costs of the sale, was $102K. Do I report the proceeds received of $102K? I dont believe I should add the $15k difference to the basis of the property. Quote Link to comment Share on other sites More sharing options...
Crank Posted February 2, 2016 Author Report Share Posted February 2, 2016 Got my answer to #2, Gross proceeds reported on 8949. Selling expenses on 8949 go to columns F (with code E) and column G (amount of selling expenses) 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 3, 2016 Report Share Posted February 3, 2016 what was the basis at time of death? that is your cost plus expenses. And if held as investment property not lived in by the beneficiary you can take some carrying costs too. Since it was the mom's personal residence there might be a way to exclude the $250 profit but I forgot the time frame for that. 2009 might be too long ago. 1 Quote Link to comment Share on other sites More sharing options...
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