Sale of Inherited House
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Returning Member

Sale of Inherited House

I have a substitute Form 1099-S for the sale of an inherited house. There were 9 total inheritors. The form only shows the basic information. The settlement agent, the tax ID number, the seller name and address and tax id number. It only has 6 boxes. They are date of closing, gross proceeds (1/9 of sale), address of property, box 4 is blank - it is for services received, box 5 is blank - not a foreign person, block 6 is marked .00 as buyers part of real estate tax. The house was sold for a loss. The total tax value was 345,000 and it sold for 299,000 because of condition. I can find no way to list this. I did a search and found several answers and all referred to a jump to link that I was supposed to see. I did not find it. I did purchase the premier edition and am a long time user of turbo tax and have never had an issue before. 

5 Replies
Level 15

Sale of Inherited House

Enter the transaction in the Investment Income section of the program, the same as if it were a stock or mutual fund.

Returning Member

Sale of Inherited House

I have a 1099-S for this sale. That shows for a 100-B, it also asks for the state ID number and I do not have one. It also asks for the name of the financial institution and the sale was handled by an legal firm.  So this makes it difficult to fill out. Any suggestions on how to fill it out. There is no tax as the property was sold for a loss. 

Level 15

Sale of Inherited House

Indicate that you did not receive a 1099-B and then check the circle that indicates you will enter one sale at a time.

Returning Member

Sale of Inherited House

ok, I did that and then it said that and then it said No Financial Institution - See Attached Statement. How do I attach a statement and what should it say? Does Turbo Tax automatically ask for the statement? Thanks

Level 15

Sale of Inherited House

@R-S2 

 

Select that you'll enter one sale at a time and not a summary. If you try to enter a summary, you'll need to attach a statement.

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