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Did not receive 1099-S; I was directed to share settlement statement with CPA to determine any capital gains. Can I upload only required IRS documents in My Documents?

How are documents uploaded for review by a live tax agent (CPA) to resolve question about simultaneous sale of inherited property?
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4 Replies

Did not receive 1099-S; I was directed to share settlement statement with CPA to determine any capital gains. Can I upload only required IRS documents in My Documents?

You can upload anything needed by the CPA into the portal.   And who actually sold the home ?   You or the estate ?   And did you look in the pile of closing papers for the  1099-S or what may be called a Substitue 1099-S. 

Did not receive 1099-S; I was directed to share settlement statement with CPA to determine any capital gains. Can I upload only required IRS documents in My Documents?

Hello, thank you for your response.  The contact at the title company said that this was a simultaneous sale transaction.  Title was transferred to myself and 6 other beneficiaries and immediately sold to a buyer in the same transaction.  The closing paperwork did not include a 1099-S, only the information sheet with required information for the 1099-S.  When I spoke with the contact, he stated that a 1099-S had been filed with the IRS for the gross sale as well as each of our SSNs and individual proceeds amounts.  He also stated that we would not receive an individual 1099-S, and that we should give our accountant/CPAs a copy of the settlement statement letting them know that the amount being reported on the return should be based on "stepped up" value on inherited property that was just inherited and sold simultaneously at sale.  Due to the nature of the sale, he stated that it was possible there is no capital gain, but our accountant/CPA will need to review IRS rules to verify.

Did not receive 1099-S; I was directed to share settlement statement with CPA to determine any capital gains. Can I upload only required IRS documents in My Documents?

OK ...  so you all sold the property and a 1099-S was sent to the IRS so show that information to the CPA and let them figure out how to handle this sale. 

Did not receive 1099-S; I was directed to share settlement statement with CPA to determine any capital gains. Can I upload only required IRS documents in My Documents?

That is my plan of action, but I thought that the only documents that could be uploaded into Turbotax were ones that are normally submitted with your return.  I did not want to potentially pay for an upgrade and then be unable upload a closing document.  Thank you, again, for your responses.

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