What is the name of your state? OR
Father's estate has been probated and complete with tax returns in. Full estate less than $500,000. Brother and sister have JUST sold one of the small homes. Title company will issue 1099-S for each sibling in equal amounts. Do we need to file tax returns for this income? If this is non-taxable to us, how do we say . . . 'ignore' the 1099-S. Isn't there a certificate such as the $250,000/$500,000 home residence sort of thing?
Anyway, how do we report , or not report this sale to the IRS?
Thank you . . .
Father's estate has been probated and complete with tax returns in. Full estate less than $500,000. Brother and sister have JUST sold one of the small homes. Title company will issue 1099-S for each sibling in equal amounts. Do we need to file tax returns for this income? If this is non-taxable to us, how do we say . . . 'ignore' the 1099-S. Isn't there a certificate such as the $250,000/$500,000 home residence sort of thing?
Anyway, how do we report , or not report this sale to the IRS?
Thank you . . .