https://ttlc.intuit.com/community/tax-credits-deductions/discussion/does-this-real-estate-sale-need-to-be-reported/01/724356#M95915 <P>My mother deeded her home to her four children in 1996.&nbsp; She lived there rent free in exchange for utilities, taxes, insurance and maintenance until she entered a nursing home in 2016.. In 2017 it was determined that she would never be able to return to the property so we placed the house on the market.&nbsp; At that point we assumed all responsibility for the property.&nbsp; After several months we found a buyer and the sale closed in April 2017. At the closing we were each given a form 1099-S which identified the Gross Proceeds at $16,000 for each of us.&nbsp; The selling price was $64,000.&nbsp; Of course there were closing costs deducted plus the fact that we had been paying all taxes, utilities, maintenance and insurance during the time it was on the market.&nbsp; I don't know if this needs to be reported and how to proceed since I have never had to deal with a similar situation.&nbsp; I have been a Turbo Tax user for many years and hope to be able to use it for 2017.&nbsp; Do I need to use Turbo Tax Deluxe or the Premier package to handle this situation?<BR /></P><BR /> Thu, 06 Jun 2019 15:26:04 GMT saweb 2019-06-06T15:26:04Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/does-this-real-estate-sale-need-to-be-reported/01/724356#M95915 <P>My mother deeded her home to her four children in 1996.&nbsp; She lived there rent free in exchange for utilities, taxes, insurance and maintenance until she entered a nursing home in 2016.. In 2017 it was determined that she would never be able to return to the property so we placed the house on the market.&nbsp; At that point we assumed all responsibility for the property.&nbsp; After several months we found a buyer and the sale closed in April 2017. At the closing we were each given a form 1099-S which identified the Gross Proceeds at $16,000 for each of us.&nbsp; The selling price was $64,000.&nbsp; Of course there were closing costs deducted plus the fact that we had been paying all taxes, utilities, maintenance and insurance during the time it was on the market.&nbsp; I don't know if this needs to be reported and how to proceed since I have never had to deal with a similar situation.&nbsp; I have been a Turbo Tax user for many years and hope to be able to use it for 2017.&nbsp; Do I need to use Turbo Tax Deluxe or the Premier package to handle this situation?<BR /></P><BR /> Thu, 06 Jun 2019 15:26:04 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/does-this-real-estate-sale-need-to-be-reported/01/724356#M95915 saweb 2019-06-06T15:26:04Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-will-each-report-your-portion-of-the-sale-and-if-you/01/724358#M95917 <P>You will each report your portion of the sale and if you use the downloaded/CD version of the program the Deluxe version will work just fine.<BR /></P> Thu, 06 Jun 2019 15:26:06 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-will-each-report-your-portion-of-the-sale-and-if-you/01/724358#M95917 Critter 2019-06-06T15:26:06Z