form 1099-s

[tsanchez2]

so my 4 sisters have already filed taxes and the 1099-S they received all had a zero "0" for gross proceeds mines was the only one with the total amount of sale which we split five ways it was my parent's home and they both are deceased, but no will was left and we all signed a affidavit of heirship and the closing docs have all 5 of us listed as sellers....so the title company sent me and the IRS all the proceeds directed to me

thank you

[pk]

@tsanchez2 ,  assuming that the property was sold  reasonably close to the passing of the decedent, there is probably no  change  in the FMV ( Fair Market Value ) of the property.  Thus there should be no tax implications.

(a) thus you can  add this to your own return, hopefully with zero impact 

OR

(b) get the title company to re-issue corrected  1099-S  showing  the correct  figures --- sales price divided by Five and ditto for the  FMV of the asset  ( at passing ) as basis for each of you.

It may turnout to be just more paperwork with no extra benefit.

Is there more I can do for you ?

[MarilynG1]

The title company should have given each of you a 1099-S with your share of the Sales Proceeds.

However, if the Sales Price was close to the FMV, there may be little or no Capital Gain reporting it with your 1099-S.

In the Wages & Income section, scroll down to Investments > Stocks, Crypto, Mutual Funds, Bonds, Other.

Choose 'Other' as Investment Type, and Continue.   On the next page, choose 'Second Home' and 'I inherited it'. 

Continue, and enter Sales Proceeds.  Continue, and enter Sales Expenses.  

Here's more info on How to Enter Sale of Second Home, Inherited Home or Land. 

If you end up with a large capital gain, you can 'nominee' their portion of the income to your sisters.

When you receive a Form 1099-S for amounts that actually belong to another person or entity, you are considered a nominee recipient. You should file a Form 1099-S with the IRS (the same type of Form 1099 you received).  File the new Form 1099-S with Form 1096 (this is a transmittal for the 1099-S) by mailing to the Internal Revenue Service Center for your area.

1. On the new Form 1099-S, list yourself as the payer and the other owners, as the recipients.
2. On Form 1096, list yourself as the nominee filer, not the original payer.  The nominee is responsible for filing the subsequent Forms 1099-S to show the amount for each owner.
3. The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:  Click here to order forms or publications from the IRS.
4. For additional information see TurboTaxDianeW's answer here.