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Level 1

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?

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?

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Level 1

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?

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".

3 Replies
Level 1

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?

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".

Level 1

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?

Thanks for the help!
Level 1

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?

You're welcome.  Thanks for using TurboTax!!