Client is one of 6 children. Parents both died 3 yrs ago.., a remaining sister lived with parents. That sis died and her daughter sold the home. Each of the 6 siblings rec'd $95K from parent's estate. Client rec'd a 1099-S from the bank for $95,000.. Isn't this nothing more than an inheritance, and I need to find the FMV?
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Yes
An inheritance, yes. FMV on date of death. -
1099-s Reply to Thread
The client needs to provide the FMV to you. I would also suggest that whether or not it is an inheritance depends on whether the deed was transferred on death to the children.Believe nothing you have not personally researched and verified.Comment
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