Can someone please help me with form 1099s?

[ronaldbruntmyer]

Sold a second home my name was on given as a gift and now I need to answer questions about proceeds and previous owners cost basis ?

[JamesG1 · Accepted solution]

In TurboTax Online, under the search microscope in the upper right hand corner of the screen, enter 'sale of second home'.  The sale is recorded as the sale of an investment.  Or you may follow these steps.

1. Click on Federal down the left side of the screen.
2. Click on Wages & Income down the left side of the screen.
3. Scroll down to Investments and Savings and click the down arrow to the right.
4. Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
5. At the screen Let's finish pulling in your investment income, select Add investments.
6. At the screen Save time and connect your financial accounts, select Enter a different way.
7. At the screen How do you want to add your docs?, select Type it in myself.
8. At the screen OK, let’s start with one investment type, click Other, land, second home, personal items, 1099-S).  Click Continue.
9. At the screen Tell us more about this sale, enter the information.
10. Under What type of investment…., select Second home.
11. Enter the sales information.  You may or may not have received an IRS form 1099-S.  Click Continue.
12. At the screen Let us know if any of these situations apply to this sale, report as necessary.  Click Continue.

IRS Publication 551 page 14, states:

Property Received as a Gift 

To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and any gift tax paid on it.