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.

[joe-willett]

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?

[LeeM · Accepted solution]

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.

[joe-willett]

Thank you!

[joe-willett]

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.