We sold a lot held for investment for a long term loss. I had 2 partners. the 1099S was in my name. I entered full selling price then when prompted I entered portion of price that was not mine. My refund went completely haywire. I think it must

Forum|Forum|5 years ago
April 3, 2021
1 reply
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Hal_Al

Level 15

Follow the interview carefully, in TurboTax.

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)

- Wages & Income

Scroll down to:

-Investment Income

-Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview.

You will reach a screen "Select any less common adjustments that apply". Check "Some (or all) of the proceeds from this sale do not belong to me". Then enter the amount of the gain that belongs to the other partners as a negative number (e.g. -25000).

popheilmanAuthor

Level 2

had a loss on the lot. did check 'not all of proceeds belong to me'. entered a positive amount as instructed but then my refund went completely out of wack