Question

I shared in proceeds of my ***** parents home with my siblings last year. I have a 1099-S form but do not see it anywhere to enter the information. Where should I post?

Forum|Forum|5 years ago
January 29, 2021
3 replies
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TurboTax Deluxe Online

Form 1099-S is an informational form for various different transactions. TurboTax does not have a specific entry where you could enter the 1099-S Form like you would 1099-INT or a W-2.

See Where do I enter the sale of a second home, an inherited home, or land on my 2019 taxes?

You need to report the sale of the home and report any gain you may have. Losses on personal property are not deductible but any gain is taxable.

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macuser_22

Employee

Nowhere, because if you just voluntarily gave them a portion then is is a unreportable gift from you to them, however if over $15,000 to any one person then you must file a form 709 gift tax return. No tax, but just to apply the gift to your lifetime $11.4 million exemption.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

A

Anonymous_

Employee

Are your parents deceased? Did you and your siblings inherit the house? If they passed, were you and/or your siblings on title before they passed? Did you or one of your siblings live in the house?

More details are needed to provide an accurate answer.