Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Taxes on Inherited property when co-successor trustees (https://www.askmehelpdesk.com/showthread.php?t=636831)

  • Feb 17, 2012, 03:44 PM
    rekhabite
    Taxes on Inherited property when co-successor trustees
    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.
  • Feb 17, 2012, 04:51 PM
    AtlantaTaxExpert
    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.

  • All times are GMT -7. The time now is 01:57 PM.