taxu2
Level 4

Client inherited home from father. The basis at the time of death was $14,000. Client remodeled home at a total cost of $45,000. They sold the house for $58,000. I am assuming this just gets put on Schedule D with a 1,000 loss correct? Then I see they were issued a 1099S form, so do I need to enter the 1099S sale of home worksheet and if so, how do I exclude the income since it was not a main home?