1099S

[roblesjohnd]

I inherited a house along with my siblings, the house was sold for 75,000.00 but my part was 15,000.00.

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?

[MindyB]

When asked for the proceeds in the Investment and Savings section, you should enter $15,000.

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.