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New Member

What is the tax on a gift/ 1099-S

This home sale was split 5 ways. I received a 1099-S with my portion of the sale on it.
1 Reply
New Member

What is the tax on a gift/ 1099-S

You will pay capital gains taxes on your portion of the gain on the sale.

The capital gains tax rate depends on which income tax bracket you are in, but is always lower than the ordinary income tax rate.

Your gain on the sale is the difference between your portion of the sales proceeds and your portion of the basis in the property (the amount paid for the property originally plus any improvements made to the property).

To get to the input screen in TurboTax to report the sale:

  • Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
  • Click on Search at the top of the screen
  • Input "investment sale" in the search box and hit enter
  • The first link available should be Jump to investment sale - click on this link
  • You will be taken to the input area

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