[petersoncctx]

If inherited mom's house , sister and I, I think I put it on form 8948, do I put under description (a) inherited, (b) date she died, (c) date sold house, (d) do I put my part of the proceeds sale price say $22,750.00, (e) do I put my part of the cost basis say $30,000.0, on (f) L and (g) put the loss as a positive number $7250.00, and (g) 0, and then do I go to Schedule D and put this info, on d and e do I put on their my part received a 1099 S

[ebaines]

Have you received a form 1099-S, and if so - did both you and your sister each receive one that shows half the proceeds? If so, then use Form 8949 (not 8948) to document the sale. You report only your portion of the proceeds and cost basis. The description (column A) would be the property address. Your basis is 1/2 the fair market value of the property as of the date of your mother's death. The totals from Form 8949 get transferred onto Schedule D, and from their as capital gains to Form 1040.

[petersoncctx]

It has on the form 1099-s gross proceeds $45,500.00 and the allocation of gross proceeds $22,750.00, so on the form 8949, on (d) do I put as proceeds (sales price) $22,750.00, it doesn't have the cost basis on the From 1099-S, but the cost basis is $60,000.00 and my half would be $30,000.00, so do I put on the Form 8949 on (e) cost or other basis do I put $30,000.00 and on (g) do I put the difference of gross proceeds from cost basis or do I leave (g) blank? Or do I put the difference on (g) would I put it as -$7250.00 and on (h) do I put 0

[ebaines]

List your portion of the proceeds in (d) (not the full sale price) less any costs that you incurred in selling it, such as sales commission, and your cost basis is $30K. Since you are not allowed to report a loss on the sale of personal property, you put the loss as a positive number in (g) and $0 in column (h). Enter code "L" in column (f). This assumes that the house is not a rental property.