1099-S

[Edmanch]

I recived a 1099-S for the sale of my 1/5th share of a house that was reserving a Life Estate for our Mother after she had passed. How do I report this 1099?

Thanks

[ThomasM125]

You report it as a second home sale in TurboTax as follows:

1. Go to the "Federal" section of TurboTax and click on  "Income and Expenses"

2. Look for "Investment Income" and click on "Stocks, Mutual Funds, Bonds, Other"

3. Answer "No" to the question about receiving a form 1099-B

4. When asked what type of investment sold? answer "Second Home"

5. Enter the property address of the house sold and the proceeds reported on the 1099-S

6. Indicate that you inherited the home

7. Enter the date and fair market value of the home when you inherited it

[Edmanch]

Thanks for the info. I did not inherit my share of the house. It was transferred by deed in 2011 to  my siblings and myself making me a 1/5th owner. How does this change filing?

Thanks

[MaryK4]

You would still enter it as above and apply a Life Estate Value Calculator to determine your basis.

@Edmanch