I saw in another post where someone had posted this:
"If the 1099-S had your wife's social security number on it, then she will have to report the transaction on her personal income tax return and then indicate that she received a portion of the proceeds as a nominee. TurboTax does not support reporting a transaction for which a 1099-S is received as a nominee."
I have a 1099-S with my SSN on it as the executor. Does this mean that I cannot use Turbo Tax to file my taxes? I've already bought the TurboTax Business 2023 Tax Software, Federal Tax Return version from Amazon because it looked like how to deal with this type of situation. Does that mean I cannot use this version to do my taxes?
Marla
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It depends if you actually received this house as part of an inheritance. If you didn't and your parents are still alive, the sale would be reported on their tax return unless the property was gifted to you at some point and signed over the title to you.
If the property was inherited or gifted to you, here is how to report.
If you handled this transaction for your parents and i f they are still alive, then you would need to report this sale on your parent's return. If this was the case, reach back to us and we will explain how to report this on your parents return.
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