-How do I correctly enter a 1099-S for the sale of only 1% of a life estate? When I go to the other income to enter it, it puts me into a capital gains calc.
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-How do I correctly enter a 1099-S for the sale of only 1% of a life estate? When I go to the other income to enter it, it puts me into a capital gains calc.
Is this entire 1% considered capital gains in this situation. When I entered the entire amount as capital gain, the program stated is not taxable, but does it require an upgrade and if so, to what.?
-How do I correctly enter a 1099-S for the sale of only 1% of a life estate? When I go to the other income to enter it, it puts me into a capital gains calc.
You need to calculate the basis and value (on the date of sale) of your life estate in order to get an accurate result with respect to capital gain.
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