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View Full Version : Taxes on Inherited property when co-successor trustees


rekhabite
Feb 17, 2012, 03:44 PM
My sister and I inherited my dads property in 2008. It was never lived in nor rented and did not sell until 2011 at a substantial loss from the date of inheritance. The title company sent me a 1099-S but did not send one to my sister. How do I put this on my taxes and my sister's? Do I just split the total sale and thus loss on my schedule D? Thanks for any help.

AtlantaTaxExpert
Feb 17, 2012, 04:51 PM
The loss you incurred is NOT deductible because the property is considered personal in nature, but, due to the Form 1099-S, it MUST be reported on your tax return.

Splitting the ownership serves no purpose.