topic The only form they gave us at closing was 2099-s in Get your taxes done using TurboTax

The only form they gave us at closing was 2099-s

susie886 — Thu, 06 Jun 2019 16:10:41 GMT

I do have the HUD-1 where do I enter that information on...

susie886 — Thu, 06 Jun 2019 16:10:42 GMT

I do have the HUD-1 where do I enter that information on the turbo tax is it with wages and taxes or on another section and it was split with 3 family members

Each person is supposed to report their share of the sale...

KittyM — Thu, 06 Jun 2019 16:10:44 GMT

Each person is supposed to report their share of the sales proceeds. According to the IRS, separate Forms 1099-S should have been prepared showing each owner’s share of the proceeds. If you receive one 1099-S from the title company for the full amount of the sale, you may wish to request that they allocate the amount and provide one form for each owner instead.

The sale of investment property is reported as Investment Income (Stocks, Mutual Funds, Bonds, Other) under Wages & Income in the Federal Taxes section of TurboTax. The expenses from your HUD-1 are reported in this same section.

Each of you may report 33.3% of the proceeds and use 33.3% of the basis (value of the property) to compute the taxable capital gain or loss that should be allocated to each owner.

If the only form you received at closing was Form 1099-S,...

KittyM — Thu, 06 Jun 2019 16:10:45 GMT

If the only form you received at closing was Form 1099-S, you should contact the title company (or your real estate agent) and request a copy of your Settlement Statement (HUD-1). It has information you need to complete your return and minimize your tax bill.

If you have to wait for them to send it, don't forget to file an extension of time to file.