ThomasM125
Expert Alumni

Get your taxes done using TurboTax

Who ever receives the 1099-S should report the full sale amount on their tax return. If some of the proceeds belong to someone else, then simply report that as an expense of the sale in Turbo Tax, so as to reflect the net amount of money the taxpayer received.

 

The gain to be reported on your tax return is your portion of the proceeds less your portion of the cost basis of the property. Loan payments have no affect on the gain calculation, only the net sale proceeds and the cost of the property. 

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