Do I record the amount from my 1099-s or the entire Net proceeds in the space provided?

[ml-schmidt]

"I have a 1099-S from a deed of gift from my Mother. My Mother passed away in 2015 and the property was sold in 2016. The proceeds were split between myself, my sister and my Mom's husband who had a life estate on the property. Do I record the amount from my 1099-s or the entire Net proceeds in the space provided?

[MichaelL1 · Accepted solution]

You report your share of the proceeds on your return. 

With the tax file, have the documentation as to who the two parties are that get the rest of the proceeds, should someone ask at a later date.

You also will report your share of the basis (cost) of the property.