Question
Raw Land Sale 1099-S
I own 50% share in raw undeveloped land in AZ that was inherited and each of us have agreed to sell the property. Is it correct that the title company will issue a 1099-S for the full amount of the profit to each owner? If so, how do each of the owners report only their share of the proceeds when filing 2024 tax return. So, hypothetically if the land sells $1000 and say $300 was withheld and a 1099-S is filed in each owners name for the amount of $700, how do the owner's report they only received $350 of the $700 gains?
