Legally separated and filing separately

[Knight C]

Sold home with substantial gain. But TurboTax instead of equally dividing the gain, it lump sum the whole into me and only deduct $250k. Should I include the other amount my wife received in the Sale Expense?

Another thing is how do I report the portion been held by my divorce lawyer in a trust until we agree on the final settlements.

[Anonymous_ · Accepted solution]

If you receive a tax reporting statement (Form 1099-S) that indicates you received the entire proceeds from the sale, you will have to enter that amount into the program and then also indicate that you received part of the proceeds as nominee (i.e., that part will be subtracted from the total proceeds).

Note that TurboTax does not support reporting a transaction for which you received a 1099-S as a nominee.

See https://digitalasset.intuit.com/DOCUMENT/A7LDFEv4x/040120-2019-unsupported-calcs-L1FQfTTgn.pdf