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posted Jun 3, 2019 12:52:22 PM

HOW DO I REPORT THE SALE OF PROPERTY (HOME & LAND) ONCE OWED BY PARENTS AND DIVIDED AMOUNG SEVERAL SIBLINGS; RECEIVED SUBSTITUTE FORM 1099-S?

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1 Best answer
Intuit Alumni
Jun 3, 2019 12:52:23 PM

You will each need to agree on what part of the 1099-S proceeds you will input as your personal part of the proceeds. If there are 3 siblings the total of the 3 proceeds must equal the total on the 1099-S. 

There is adjusted cost basis to the value on the date of the deceased’s death.
You would also divide the cost basis and the amounts you include as cost basis must equal the total cost basis.

These are entered in the investment section of TurboTax. Follow these instructions:

  1. Open your return in TurboTax. (To do this, sign in to TurboTax and select Take me to my return button.)
  2. In the search box, search for sold second home and select the Jump to link in the search results.
  3. Answer Yes on the Did you sell any investments in 2018?screen.
    • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue.
  6. Follow the instructions to completion.
You each should include a copy of the 1099S with your return which would require you to file by mail.


1 Replies
Intuit Alumni
Jun 3, 2019 12:52:23 PM

You will each need to agree on what part of the 1099-S proceeds you will input as your personal part of the proceeds. If there are 3 siblings the total of the 3 proceeds must equal the total on the 1099-S. 

There is adjusted cost basis to the value on the date of the deceased’s death.
You would also divide the cost basis and the amounts you include as cost basis must equal the total cost basis.

These are entered in the investment section of TurboTax. Follow these instructions:

  1. Open your return in TurboTax. (To do this, sign in to TurboTax and select Take me to my return button.)
  2. In the search box, search for sold second home and select the Jump to link in the search results.
  3. Answer Yes on the Did you sell any investments in 2018?screen.
    • If you land on the Here's the info we have for these investment sales screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue.
  6. Follow the instructions to completion.
You each should include a copy of the 1099S with your return which would require you to file by mail.