ThomasM125
Expert Alumni

Get your taxes done using TurboTax

It would be a legal issue as to whether you had a legitimate ownership interest in the property or not. If it was gifted to you, your cost would be the cost basis of the person who gifted it to you. To be technically correct, you would enter your share of the sales proceeds and that as the cost and the difference would be capital gain income to you.

 

If you feel that is not correct, the best thing to do would be to get a corrected Form 1099-S with your name removed, but that may be hard to do. Two other options would be to not report the sale or report it and enter a negative adjustment to "Other Income" to cancel it out as follows:

 

1. From the Federal menu in TurboTax find Wages and Income 

2. Find Less Common Income

3. Choose Miscellaneous Income, 1099-A, 1099-C

4. Choose Other Reportable Income

5. Enter a description for the adjustment and the amount as a negative number

 

 

 

 

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