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?
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.
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