Legally separated and filing separately

Knight C — Thu, 16 Apr 2020 08:39:30 GMT

Sold home with substantial gain. But TurboTax instead of equally dividing the gain, it lump sum the whole into me and only deduct $250k. Should I include the other amount my wife received in the Sale Expense?

Another thing is how do I report the portion been held by my divorce lawyer in a trust until we agree on the final settlements.

Re: Legally separated and filing separately

Anonymous_ — Thu, 16 Apr 2020 14:49:24 GMT

If you receive a tax reporting statement (Form 1099-S) that indicates you received the entire proceeds from the sale, you will have to enter that amount into the program and then also indicate that you received part of the proceeds as nominee (i.e., that part will be subtracted from the total proceeds).

Note that TurboTax does not support reporting a transaction for which you received a 1099-S as a nominee.

See https://digitalasset.intuit.com/DOCUMENT/A7LDFEv4x/040120-2019-unsupported-calcs-L1FQfTTgn.pdf

topic Legally separated and filing separately in Get your taxes done using TurboTax

Legally separated and filing separately

Re: Legally separated and filing separately