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Level 1
posted Mar 13, 2021 10:53:31 AM

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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1 Best answer
Expert Alumni
Mar 13, 2021 3:43:37 PM

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

1 Replies
Expert Alumni
Mar 13, 2021 3:43:37 PM

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