topic Thanks for the help! in Retirement tax questions

Is income reported on a 1099-S for the remaining value of life use upon sale of a primary home taxable income, and if so how is it entered in Turbo Tax?

taxquestion55 — Thu, 06 Jun 2019 08:36:01 GMT

My dad left his half of my parent's house to the kids, and provided life use for my mom. The house has now been sold, and my mom recieved a 1099-S for the remaining value of the life use of the home. Is this taxable income, and if so, where/how do I report it in Turbo Tax premier?

Your mother can claim the lifetime exemption for the sale...

DDollar — Thu, 06 Jun 2019 08:36:01 GMT

Your mother can claim the lifetime exemption for the sale of her personal residence if she qualifies - It sounds like she would. It has to be reported, but just treat it like the sale of a personal residence. To enter in TurboTax, type "Sale of home" in the search window, and hit enter. Then hit "Jump to sale of home".

Thanks for the help!

taxquestion55 — Thu, 06 Jun 2019 08:36:03 GMT

Thanks for the help!

You're welcome. Thanks for using TurboTax!!

DDollar — Thu, 06 Jun 2019 08:36:05 GMT

You're welcome. Thanks for using TurboTax!!