topic 1099-S in Get your taxes done using TurboTax

1099-S

Rshc — Mon, 23 Feb 2026 13:58:36 GMT

My wife and her sister were gifted a house in 2022 and sold it in June 2022. I got a 1099-S and not sure how to report it. Form 1099-S says gross proceeds of $214,972. Where do I enter the filers name info and the Transferors name and information on my tax returns? Also, how do I establish the cost basis for the house? If anyone can please help me out please. Thank you

Re: 1099-S

Mike9241 — Tue, 28 Mar 2023 07:53:03 GMT

only the donor would possibly need to file a gift tax return, not the donees (wife and sister). depends on who the donor was and whether a US citizen or not. for income tax purposes, the gain would likely be based on donor's tax basis. the fact it was gifted is not entered in the 1040. the acquisition date is the donor's acquisition date.