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Chicomen
Level 1

How to report sales of home when 20% owner was main resident and 80% owner was second home?

We sold a home in 2020 where child was main resident with 20% ownership and parents was second home with 80% ownership. Parents paid all purchasing costs. Child paid improvements and other expenses. Parents received 1099-S with 80% gross sales. Child received 1099-S with 20% gross sales. Parent are using TurboTax Home and Business to report sales as investment property. Do we enter total sale expenses and adjusted cost basis for the home in our forms or do we enter actual sale expenses and cost basis each one incurred?

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Accepted Solutions
ColeenD3
Expert Alumni

How to report sales of home when 20% owner was main resident and 80% owner was second home?

You would enter actual sale expenses and cost basis each one incurred.

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1 Reply
ColeenD3
Expert Alumni

How to report sales of home when 20% owner was main resident and 80% owner was second home?

You would enter actual sale expenses and cost basis each one incurred.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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