Form 1099 S do I need to put in tax return mother put house under me and sisters 6 yr ago she is now in nursing home and we sold house and split money is this inheratance

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Mother is in Nursing home sold house and split money between me and two sisters is this considered inheritance and do i need to put in tax return. House was put under me and two sisters over 6 years

TurboTax Deluxe Online

Answer

Yes, you need to put the 1099-S in your tax return. You would enter it as a sale of inherited property.

This is the way to enter the sale of a inherited property:

Select Federal Taxes, Wages and Income, I'll Choose What to Work On
Scroll to Investment Income and Select Stocks, Mutual Funds, Bonds, Other
Depending on the screen you see now select either Add Another Account, or Select I'll Type it Myself
If you see the Financial Institution drop down box then select No Financial Institution
Now enter your data, and then select add more details
Select "Everything Else" from the list and continue
Now complete the remaining questions about the property address, proceeds, date of sale, date of inheritance, fair market value and date of aquired.

https://ttlc.intuit.com/replies/3302480

Anonymous

Answer

Yes, you need to put the 1099-S in your tax return. You would enter it as a sale of inherited property.

This is the way to enter the sale of a inherited property:

Select Federal Taxes, Wages and Income, I'll Choose What to Work On
Scroll to Investment Income and Select Stocks, Mutual Funds, Bonds, Other
Depending on the screen you see now select either Add Another Account, or Select I'll Type it Myself
If you see the Financial Institution drop down box then select No Financial Institution
Now enter your data, and then select add more details
Select "Everything Else" from the list and continue
Now complete the remaining questions about the property address, proceeds, date of sale, date of inheritance, fair market value and date of aquired.

https://ttlc.intuit.com/replies/3302480