Hi: I have a client whose mother passed and she and sister inherited a house in Puerto Rico. The house was sold and they received each $20,000 and $3000 each was withheld from the sale for taxes. They received a form 480.6C from this sale and I am looking for someone who has had experience with this form and how to report it. I called the IRS but they don't have a tax person who answers these type of questions. But you bet your bippy that they will find a way to tax it if I don't report it somewhere.
Thanks and hope someone can help