How do I report the sale of rental property that I had 1/3 partial interest in? The 1099-S shows the entire gross proceeds, not my portion of proceeds.

There are 3 interested parties, I am one and my two siblings are the others. Each of us received a 1099-S showing the same gross proceeds, not our 1/3 portion as paid at closing. Do I simply use 33.333% of all values on all basis and home sale worksheets?

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1 Best answer

New Member

Jun 5, 2019 11:20:30 PM

You are exactly right. You would use 1/3 of all basis, proceeds, expenses etc. I would save the 1099-S and proof of the split just in case the IRS ever has questions.

New Member

Jun 5, 2019 11:20:30 PM

You are exactly right. You would use 1/3 of all basis, proceeds, expenses etc. I would save the 1099-S and proof of the split just in case the IRS ever has questions.

New Member

Jun 5, 2019 11:20:32 PM

Thank you!

New Member

Jun 5, 2019 11:20:32 PM

Is there any place in Turbo Tax where I can add a note stipulating that I had 1/3 interest in what was reported on the 1099-S? Somewhere on the Schedule D would make the most sense.

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How do I report the sale of rental property that I had 1/3 partial interest in? The 1099-S shows the entire gross proceeds, not my portion of proceeds.