Please read the information below before entering. To enter the 1099-S form, see Where do I enter Form 1099-S?
The IRS matches the amount on the 1099-S form to the amount reported on your income tax return. Since your share of $38,539.65 is different than the amount on the 1099-S, $41,477.52, you have two options on how to report this.
Option #1:
- Report 100% of the proceeds, even though your 1099-S form shows a different amount.
- The other people won't have to report the sale on their income tax return.
- For additional information see TurboTaxMichaelL1's answer here.
Option #2:
When you receive a Form 1099-S for amounts that actually belong to another person or entity, you are considered a nominee recipient. You should file a Form 1099-S with the IRS (the same type of Form 1099 you received). File the new Form 1099-S with Form 1096 (this is a transmittal for the 1099-S) by mailing to the Internal Revenue Service Center for your area.
- On the new Form 1099-S, list yourself as the payer and the other owners, as the recipients.
- On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099-S to show the amount for each owner.
- The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here: Click here to order forms or publications from the IRS.
- For additional information see TurboTaxDianeW's answer here.
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