1099s question

Forum|Forum|1 year ago
February 10, 2025
1 reply
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I received a 1099s on a sale of my aunt's house, My name and my aunt's name was on the deed when we sold her house. She moved to a senior living apartment. We sold the house for 150,000. Since we are both on the deed, I received a 1099s for 75,000 (half of 150,000). My aunt did not receive a 1099s. How do I enter this in Turbotax. Will I have to pay Capital gains tax, since I actually didn't live at my aunt's house.

PatriciaV

Employee

If this house was not your primary residence for two out of the last five years, you wouldn't be eligible for the home sale exclusion. So, yes, you would be subject to capital gains taxes on the profit from the sale.

Do you have records to show the adjusted basis for the house? You'll need that information to report the sale, including proceeds from Form 1099-S, as half the basis is yours and will reduce the gain on your portion of the sale.

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roger571Author

I have records of the sale of the house is that where I get the adjusted basis of the house?

DoninGA

Employee

@roger571 wrote:

I have records of the sale of the house is that where I get the adjusted basis of the house?

In the section for selling a home you are asked for the adjusted basis of the home.

Selling cost can include escrow fees, legal fees, real estate agent commissions, advertising costs, and even home staging fees.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home