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Please read the information below before entering. To enter the 1099-S form, see Where do I enter Form 1099-S?
The IRS matches the amount on the 1099-S form to the amount reported on your income tax return. Since your share of $38,539.65 is different than the amount on the 1099-S, $41,477.52, you have two options on how to report this.
Option #1:
Option #2:
When you receive a Form 1099-S for amounts that actually belong to another person or entity, you are considered a nominee recipient. You should file a Form 1099-S with the IRS (the same type of Form 1099 you received). File the new Form 1099-S with Form 1096 (this is a transmittal for the 1099-S) by mailing to the Internal Revenue Service Center for your area.
I am in pretty much the same situation with my mother's home. My question is which version of TurboTax do I need to show this? I bought TurboTax Deluxe (my usual) but it's looking like I need the Premiere to show the sale of an inherited home. Any help appreciated.
Yes, you are correct. You will need TurboTax Premier to report the sale of your father's home on your personal tax return.
To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Thank you much for the prompt reply and answering my question!
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