TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

1099S

1 reply
102 views

I inherited a house along with my siblings, the house was sold for 75,000.00 but my part was 15,000.00.

The for I received says substitute for 1099S with gross proceeds 75,000.00 and Allocation of gross proceeds 15,000.00. What amount do I put when filing my taxes?

TurboTax Free Edition Online

Level 13

When asked for the proceeds in the Investment and Savings section, you should enter $15,000.

Even though the form shows the total house price of $75,000, the "Allocation" line is the confirmation that your share of the proceeds is only 20%. Reporting the full $75,000 would cause the IRS to think your share was much higher than it was.