My mother passed away leaving 4 of us 1/2 of family farm. She died in Sept. and my brother bought the other 3 out in March. The attorney filed a 1099B, so how do I report this? We sold for less than tax value.
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My mother passed away leaving 4 of us 1/2 of family farm. She died in Sept. and my brother bought the other 3 out in March. The attorney filed a 1099B, so how do I report this? We sold for less than tax value.
You report the sale on Schedule D. Since it is a loss of a PERSONAL asset, you cannot deduct the loss. Sorry!
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