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