Do I need a 1099

CEGalvan93 — Wed, 08 Apr 2020 09:54:07 GMT

I inherited a property last year and sold it. The money was divided between my brother and I. When I sold the property I never received a 1099 only a 593 form. I was wondering if I need a 1099 form? Is a 1099 form necessary...or will I get penalized?

Re: Do I need a 1099

HelenC12 — Wed, 08 Apr 2020 14:59:04 GMT

No, a 1099-S is not necessary. It's only for informational purposes.

The sale of your inherited home is entered in the investment section of TurboTax. Follow these instructions:

Open or continue your return in TurboTax.
In the search box, search for sold second home and select the Jump to link in the search results.
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2019? screen.
- If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
Answer No to the 1099-B question.
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale.
On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

Source: TurboTax FAQ

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Do I need a 1099

Re: Do I need a 1099