https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1099s/01/3836686#M365821 <P>I inherited a house along with my siblings, the house was sold for 75,000.00 but my part was 15,000.00.</P><P>The for I received says substitute for 1099S with gross proceeds 75,000.00 and Allocation of gross proceeds 15,000.00. What amount do I put when filing my taxes?</P> Sun, 15 Mar 2026 03:17:57 GMT roblesjohnd 2026-03-15T03:17:57Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1099s/01/3836686#M365821 <P>I inherited a house along with my siblings, the house was sold for 75,000.00 but my part was 15,000.00.</P><P>The for I received says substitute for 1099S with gross proceeds 75,000.00 and Allocation of gross proceeds 15,000.00. What amount do I put when filing my taxes?</P> Sun, 15 Mar 2026 03:17:57 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/1099s/01/3836686#M365821 roblesjohnd 2026-03-15T03:17:57Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1099s/01/3836691#M365823 <P>When asked for the proceeds in the <A href="https://myturbotax.intuit.com/?keywordLink=1099-s,%20sale%20of%20property%20other%20than%20main%20home" target="_blank">Investment and Savings section</A>, you should enter $15,000.</P> <P>&nbsp;</P> <P>Even though the form shows the total house price of $75,000, the "Allocation" line is the confirmation that your share of the proceeds is only 20%. Reporting the full $75,000 would cause the IRS to think your share was much higher than it was.</P> Sun, 15 Mar 2026 03:24:23 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-1099s/01/3836691#M365823 MindyB 2026-03-15T03:24:23Z