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New Member
posted Jun 4, 2019 10:49:42 PM

Sold a rental house and got two 1099-S forms (only half was on my name). how to file?

I paid for the house, been file and pay tax for the house and received all the money from sailing the house. The closing house insisted issue two checks with 2 1099-5 forms with 50-50 split with my son, since his name was on the title.

How would I file?  Put in the whole sale price, or only 50% and ask my son to file the 1099-S?
I called IRS help line but they do not have an answer.

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1 Best answer
New Member
Jun 4, 2019 10:49:43 PM

Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done. 

2 Replies
New Member
Jun 4, 2019 10:49:43 PM

Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done. 

New Member
Jun 4, 2019 10:49:45 PM

I will file 50/50, but it will not technically correct.  My son will enter 50% of the depreciation amount accumulated during the past years, but in reality, they were all claimed in my tax returns.  If I claim all the depreciation amount on my return, hes will shown a much bigger lose. Which way should I go?