Question

I received a 1099-S for sale of second home, but the proceeds were split with others and reported on 1099-MISC forms. How can I report those 1099-MISC forms on my 1040?

Forum|Forum|4 years ago
March 7, 2022
1 reply
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1099-MISC were sent to people reflecting the amount of proceeds they received from the sale, but how do I account for those 1099-MISC on my tax return and show the amount of proceeds that I received from the sale of second home reduced by those amounts that went to other people?

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ColeenD3

So, are you saying that every other person received a 1099-S with their portion but you received a 1099 with the entire amount?

You only have to report your portion. If you only received a 1099-S, you could nominee the rest of the sales price to your co-owners, but if everyone got one, you can't do this.

You should reach out to the agent who handled the sale. Everyone should have only received their portion of the amount.

Nominee