How do I enter 1099-S?

Forum|Forum|6 years ago
February 21, 2020
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I received a 1099-S from my Mother’s Trust as a result of her home selling. I also received a K-1 do to loses regarding the property. I am one of 4 beneficiaries. I entered the K-1 information but am unable to find where I must enter the info from my 1099-S. The accountant that did my mother’s probate trust taxes stated the benficiaries should not have to pay any monies on taxes. The basis of the home when she died and the amount the home sold for are the same. There have been improvements to her home since she died and closing costs were paid. So where do I enter the 1099-S information? Thank you for your time.

KathrynG3

Since this property was owned by your mother's trust, the sale of the home is already included on the beneficiaries' Schedules K-1.

Keep Form 1099-S for your records. Do not enter the home sale again, or else reporting the sale would be duplicated.

The reason why the basis of the home is the same between the date of death and the date the home sold is because of a tax rule your accountant handled for you. It is a very good for you and the other beneficiaries. It is called "step-up" in basis. It means that the property is valued at its appraised value, which would have included the improvements.

C

charjean47Author

Employee

You mentioned the sale of the home is already included on K-1. The only thing on K-1 is on 11A and 11C.

11A is a combination of taxes and attorney fees. 11C is a combination of Commission, Other Closing Costs and Fix UP Expenses. Is this what you mean? Is something missing? Should there be an entry with the amount the house sold for? Only losses are on the K-1. No income is shown. The amount I received is on the 1099-S but not on the K-1. Is the K-1 incorrect? I just thought I have to enter somewhere the monies I received. I definatly need help. Thank you