TaxAudit Blog

Tag: 1099-S

Sold House

Can step-up basis be claimed on a home you never lived in?

Two siblings were listed on the title of a home with their mother. She died and the siblings sold the home and distributed the funds to the other siblings.

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Last Will and Testament

Tax Filing Forms for Inherited Foreign Non-US Property

I inherited a property located in foreign country from non-US relative, do I need to file 1099-S? I did not receive 1099-S since the property is not in USA.

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1099-S Form

How do I put a 1099-S (inherited home sale) on my IRS taxes?

When you inherit real property, like a home, then for tax purposes the beneficiaries receive what is called a “stepped-up” basis.

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