Question

I sold my home, which was in both my son's and my names, we both received a 1099-S for half of the amount each, I received all of the proceeds. How do I report this?

Forum|Forum|4 years ago
February 24, 2022
1 reply
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TurboTax Premier Online

Can you please clarify your question. Did you sell your main home, rental property or second home?

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B

bvasollAuthor

I sold my main home which meets all the $250,000 exclusion.

T

ThomasM125

Your son may want to report it since he received the form 1099-S, although he isn't required to since he didn't receive the money. He can enter the reported sale proceeds amount on his 1099-S as the cost so it won't show as taxable on his tax return.

You should enter the amount you received as the sale proceeds and the full cost of the house plus improvements as your cost basis.

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