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bruce-noll
New Member

I received a 1099s for the sale ($147k sale no capital gain) of my parent's home I have a 25%ownership interest but did not live in the house. How do I report this?

 
1 Best answer

Accepted Solutions
DDollar
Level 7

I received a 1099s for the sale ($147k sale no capital gain) of my parent's home I have a 25%ownership interest but did not live in the house. How do I report this?

It sounds like you received a 1099-S for the sale of your parents' home.  Since you have no capital gain, you will not have to pay any tax on the sale, but you do have to report it.  You will report that in the same section that you would report stock and other investment sales.  To enter:

  • Type "Investment sales" in the search window and click Enter
  • Click on "Jump to Investment sales"
  • On the page with "Did you sell any investments in 2018?"  Answer Yes
  • Answer No to "Did you get a 1099-B..."
  • On the "Choose the type of investment you sold" Indicate "Everything Else"
  • On the page with "Some Basic Info About This Sale" give a description such as "Inherited Property"
  • The interview will walk you through entering the details of the sale


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3 Replies
DDollar
Level 7

I received a 1099s for the sale ($147k sale no capital gain) of my parent's home I have a 25%ownership interest but did not live in the house. How do I report this?

It sounds like you received a 1099-S for the sale of your parents' home.  Since you have no capital gain, you will not have to pay any tax on the sale, but you do have to report it.  You will report that in the same section that you would report stock and other investment sales.  To enter:

  • Type "Investment sales" in the search window and click Enter
  • Click on "Jump to Investment sales"
  • On the page with "Did you sell any investments in 2018?"  Answer Yes
  • Answer No to "Did you get a 1099-B..."
  • On the "Choose the type of investment you sold" Indicate "Everything Else"
  • On the page with "Some Basic Info About This Sale" give a description such as "Inherited Property"
  • The interview will walk you through entering the details of the sale


bruce-noll
New Member

I received a 1099s for the sale ($147k sale no capital gain) of my parent's home I have a 25%ownership interest but did not live in the house. How do I report this?

Thank you David
DDollar
Level 7

I received a 1099s for the sale ($147k sale no capital gain) of my parent's home I have a 25%ownership interest but did not live in the house. How do I report this?

You're welcome. Thanks for using TurboTax!

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