Sale of Non residence Elderly parent quit claimed his residence to child because of poor health but stayed in residence for several years-eventually went to nursing home becuse of Alzheimers and other conditions. Has since died. Residence was sold and child received a 1099-S. How is cost basis determined and how does child report this to the IRS? There were real estate commission and attorney's fees during the sale. 1099-S was for 45,000. |