Is income reported on a 1099-S for the remaining value of life use upon sale of a primary home taxable income, and if so how is it entered in Turbo Tax?

[taxquestion55]

My dad left his half of my parent's house to the kids, and provided life use for my mom. The house has now been sold, and my mom recieved a 1099-S for the remaining value of the life use of the home. Is this taxable income, and if so, where/how do I report it in Turbo Tax premier?

[DDollar · Accepted solution]

Your mother can claim the lifetime exemption for the sale of her personal residence if she qualifies - It sounds like she would.  It has to be reported, but just treat it like the sale of a personal residence.  To enter in TurboTax, type "Sale of home" in the search window, and hit enter.  Then hit "Jump to sale of home".

[taxquestion55]

Thanks for the help!

[DDollar]

You're welcome.  Thanks for using TurboTax!!