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posted Jun 4, 2019 3:51:32 PM

How do I declare income from an investment property sale when I shared the ownership with my brother? We both got 1099 S forms.

I am holding a seller financed mortgage so when I fill out the turbo tax questions it asks for the entire price and basis of the house, but I only received 50% of the total capital gain. My brother received the other 50%.

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1 Best answer
Employee Tax Expert
Jun 4, 2019 3:51:34 PM

Since you were a part-owner of the property, you would report only your share of the sales proceeds, selling expenses, and property basis on your return. For the seller-financed mortgage, also report only your share of the interest income and principal payments received during the year.

In other words, read the questions from your own point of view (focused on your portion only).

1 Replies
Employee Tax Expert
Jun 4, 2019 3:51:34 PM

Since you were a part-owner of the property, you would report only your share of the sales proceeds, selling expenses, and property basis on your return. For the seller-financed mortgage, also report only your share of the interest income and principal payments received during the year.

In other words, read the questions from your own point of view (focused on your portion only).