I received a 1099-S for sale of second home, but the proceeds were split with others and reported on 1099-MISC forms. How can I report those 1099-MISC forms on my 1040?

1099-MISC were sent to people reflecting the amount of proceeds they received from the sale, but how do I account for those 1099-MISC on my tax return and show the amount of proceeds that I received from the sale of second home reduced by those amounts that went to other people?

466

Expert Alumni

Mar 7, 2022 5:22:36 AM

So, are you saying that every other person received a 1099-S with their portion but you received a 1099 with the entire amount?

You only have to report your portion. If you only received a 1099-S, you could nominee the rest of the sales price to your co-owners, but if everyone got one, you can't do this.

You should reach out to the agent who handled the sale. Everyone should have only received their portion of the amount.

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I received a 1099-S for sale of second home, but the proceeds were split with others and reported on 1099-MISC forms. How can I report those 1099-MISC forms on my 1040?