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Deductions & credits
Just include your portion of the proceeds. The whole reason to issue the 1099-S is to show where the money went.
TurboTax does not have the ability to file the forms.
You would enter the sale in the Investment section. Do not select 1099-B. Choose "other" for sale of second home.
Please see this great answer from @DianeW777 addressing the question of how to nominee the amount.
Split the income and file the appropriate sale figures on each of the sister's returns. Next you can 'nominee' the correct portion to the other sister. There is plenty of time so there is no need for concern. The IRS will not connect all the documents quickly and it will not cause any delays in processing the returns.
Nominee returns.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area (provided on the Form 1096).
- On each new Form 1099, list yourself as the payer and the other owner, as the recipient. On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to 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: