Yes. The IRS is looking for the total on your return and then the subtraction for the nominee amount. The form 8949 is where this is expected but you are using Form 4797. Follow these steps to make it work:
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- Your 1099-S should be entered with the full information and description of property.
- You will enter the nominee portion as:
- Description - nominee to sibling name and SSN. Your description here will match up with the IRS records.
- enter the remaining fields at 50% belonging to nominee
Be sure that you filed the 1096 - the transmittal cover for the 1099-S with the IRS. Your description here will match up with the IRS records.
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