During the year my brother and I sold our parents home - both of whom have been deceased for 4 years. After taking the 'step-up' and calculating the new cost basis I now need to make a nominee adjustment to put 1/2 of the net proceeds to him. How and where do I make this adjustment?
You'll need to sign in or create an account to connect with an expert.
f you have not received a Form 1099-S from the title company, you may report the sale reflecting only your portion of proceeds and only your portion of expenses; consequentially, you will be taxed only on your portion of the capital gain, if applicable.
If you have received 1099-S reporting your portion, proceed as normal; use steps below for data entry.
If you received 1099-S reporting full amount of gross proceeds and not just your portion: be sure to contact the closing company and request a corrected 1099-S so that only your portion is reported (if the house was to be "legally" divided)
To enter sale from an inheritance:
0
Thanks for the information. That answered my question - fortunately don’t have this question often.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Les Potter
New Member
ftang101
New Member
shelly0164
Returning Member
kvthompson2
Level 1
mealor1124
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.