1099-S How to Fillout Form

Forum|Forum|2 years ago
February 12, 2024
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My siblings and I inherited my mom's house after she died late 2022. Value at the time was 179,000. We sold it within 6 months in May 2023. Sale was only 172,000. I'm trying to account for sale in Turbotax Premier addition. I click on 1099-S tab under investments but after entering all of the information as a "second home" it says that your info should match your 1099-B exactly. Why is it referring to 1099-B form? Also, We did not receive a 1099-S from title company. There is no gain on the sale, just want to know how to account for this transaction?

Best answer by DavidD66

Forget about the 1099-S section. You and your siblings each need to report a transaction using 1/3 of the sales proceeds. You will report the sale in the same section in which you report stock and other investment sales. To Enter in TurboTax:

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment sales in 2023?" Answer Yes
Answer No to "Did you cave crypto income or losses in 2023?"
Skip the import sections and click on Enter another way
On the screen with OK, let's start with one investment type, click on "Other"
Answer No to "Did you get a 1099-B..."
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale for [description]" Indicate "Personal items, I inherited it" and give a description like "Inherited House".
The interview will walk you through entering the details of the sale

I would enter the same value for proceeds and fair market value.

Why call it "Personal items"? It was not an investment, and it wasn't your second home; therefore, it is a personal item. It won't have any effect on your tax return if you do call it a personal home.

DavidD66Answer

Type "Investment sales" in the search window and click Enter
Click on "Jump to Investment sales"
On the page with "Did you have investment sales in 2023?" Answer Yes
Answer No to "Did you cave crypto income or losses in 2023?"
Skip the import sections and click on Enter another way
On the screen with OK, let's start with one investment type, click on "Other"
Answer No to "Did you get a 1099-B..."
Enter the name of the person or entity that brokered the sale (you can leave this blank)
On the "Now enter one sale for [description]" Indicate "Personal items, I inherited it" and give a description like "Inherited House".
The interview will walk you through entering the details of the sale