My client has a 1099s from sale of deceased fathers property. The 1099 reflects 1/3 of the proceeds. Where do I put this on his 1040. There is no inheritance tax.
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1099s
There was no 706 or estate return done. The property is located in Texas. -
You have not given us a whole lot to work with here but I will attempt to take a stab at it.
Put it on Sch D . 1/3 Profit less basis I am assuming and this is where it can be dangerous but I think you will find he pays no tax. If sold shortly after death stepup in basis probably eats up the gain.Comment
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That was my first thought and after researching I wasn't sure how to handle it due to the fact it was split 3 ways. I just need to make sure it is reported correctly for my client. I have no basis to go on, no paper work what so ever. The property sold for 13k. Not much. Sorry I could only give the information I have. Now you can understand why I came to the message board for assistance. Thank You from OklahomaComment
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Well glad i could help , if infact I did.Originally posted by Unregistered
You should register a name so we can all get to know ya.
I only threw in the blurb about lack of info so that you would know , some on this board don't respond unless you clearly spell it out. plus if you want good info you have to give good info in your questions.
Anyhow good luck and try registering, there is a lot of smart tax people here and then there is me ( not so smart, but I try).Comment
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