1099-s and 8949

Technical topics regarding tax preparation.
#1
zl28  
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Client inherited a home and received a 1099-s.

On my software, for the Form 8948, where it asks - ' was the sale reported on 1099-b' would you enter

yes or no since a 1099-s was received.
 

#2
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I would check box C/F, because it was reported on a 1099-S, not a 1099-B.

And the 8949 instructions seem to suggest this is correct:

Example. You sold your main home in 2019 for $320,000 and received a Form 1099-S showing the $320,000 gross proceeds. The home's basis was $100,000. You had selling expenses of $20,000 that weren’t included on your Form 1099-S. Under the tests described in Sale of Your Home in the Instructions for Schedule D (Form 1040 or 1040-SR), you can exclude the entire $200,000 gain from income. On Form 8949, Part II, check box F at the top. Complete...

Underlines by me.
 

#3
HowardS  
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Inherited automatically makes it long term. Code F.
Retired, no salvage value.
 

#4
zl28  
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Thank you Man and Howard
 

#5
HowardS  
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Use the word "inherited" for date acquired.
Retired, no salvage value.
 


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