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Reporting sale of 2nd house when I only received 50% of sale

how do I report my cost basis
1 Reply
Employee Tax Expert

Reporting sale of 2nd house when I only received 50% of sale

I'm assuming you own only half of the 2nd home....The reporting depends if you received form 1099-S reporting the sale.  You may enter 50% of the proceeds and 50% as your cost basis when reporting the sale - if you have not received 1099-S for it.  The matter is more complicated if you have received the form.  Often, the title company will report the entire sale on the tax form, and not just your portion.  

  • If full sale is reported on 1099-S, I recommend that you enter the correct portion (only yours) and attach a statement explaining why the information on your return and the tax form are not matching. 
  • If the 1099-S reports only your portion of the sale, proceed as normal and enter the information as it is. 

Here is TurboTax data entry for 2nd home Sale:

  1. Federal Taxes 
  2. Wages and Income 
  3. Scroll down to Investment Income
  4. Select Stocks, Mutual Funds, bonds, Other
  5. Indicate that 1099-B/brokerage statement was not received for the sale
  6. On Choose the type of investment you sold, select Everything else and follow the interview questions. 
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