AnnieR Posted March 17, 2009 Report Share Posted March 17, 2009 Four sisters inherited their mother's home, which was sold very quickly after the mother's passing. Each of the sisters received a 1099S from the law firm which handled the estate for $18000. Do I treat this as a sale and use the basis as the value of the home at the time of the mother's passing and just split everything 4 ways? None of them seem to know what the home was valued at (I do all 4 returns), they just sold it quickly after her death. They got an offer and took it. Thanks for any help. AnnieR Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 17, 2009 Report Share Posted March 17, 2009 Yes. As you said. FMV would normally be what it was sold for in this case. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 17, 2009 Report Share Posted March 17, 2009 Agree with Old Jack. taxbilly Quote Link to comment Share on other sites More sharing options...
lbbwest Posted March 17, 2009 Report Share Posted March 17, 2009 Agree with Old Jack. taxbilly It's so boring when we all get along. Quote Link to comment Share on other sites More sharing options...
AnnieR Posted March 17, 2009 Author Report Share Posted March 17, 2009 It's so boring when we all get along. That's true, but it is reassuring to know we're not going crazy, especially with only a month to go. Thanks everybody. AnnieR Quote Link to comment Share on other sites More sharing options...
Bart Posted March 17, 2009 Report Share Posted March 17, 2009 It's so boring when we all get along. There is a reason I became an accountant. I like boring. Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 17, 2009 Report Share Posted March 17, 2009 >>There is a reason I became an accountant. I like boring.<< Typical KU graduate? :P Quote Link to comment Share on other sites More sharing options...
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