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    1099-s

    Several family members sell property they have inherited from parents. 1099-s shows gross proceeds amount and then allocation of gross proceeds to each family member. Is there any need to show the gross proceeds or just the one's allocation amount on sch D.

    #2
    Also,

    because this is a 1099-s, would the NO 1099-B box need to be checked.

    thanks

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      #3
      Originally posted by gman View Post
      Several family members sell property they have inherited from parents. 1099-s shows gross proceeds amount and then allocation of gross proceeds to each family member. Is there any need to show the gross proceeds or just the one's allocation amount on sch D.
      Originally posted by gman View Post
      because this is a 1099-s, would the NO 1099-B box need to be checked.

      thanks
      1. Is there a separate 1099S issued to each person and their own SS #? Or is there one 1099S with only one SS #, and if so, whose SS?

      2. Since there is no 1099B, you will mark the "C" Box.
      Jiggers, EA

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        #4
        Each

        Each received their own 1099-s woth both the gross and allocated amounts on them. Just want to make sure the correct amount is listed on Sch D. That the figures tie to what is being reported to IRS.

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          #5
          Well, that is interesting. What box did they put these figures in?

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            #6
            1099-s

            Came from title company with Substitute form 1099s -Proceeds from Real Estate
            Seller and buyers informatin

            Date of closing
            Gross Proceeds
            Allocation of Gross proceeds
            Total tax Proration credit (left blank)
            Description
            GF #

            Boxes do not have numbers, but my clients name is the only one on this 1099-s. Assuming others have only their name on theres. My only concern is that If I report only his allocation, the IRS is not looking for the Gross Proceeds

            Also has the standard " This is important tax information and is being furnished to the irs...

            Comment


              #7
              Under the "Allocation of Gross Proceeds," does it show the others' names as well as their social security numbers?
              Hard to tell what they have reported to IRS using these substitute forms. Does your software allow you to show the gross and allocate a percentage to your client?
              Last edited by Burke; 02-06-2012, 12:59 PM.

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                #8
                Originally posted by gman View Post
                Several family members sell property they have inherited from parents. 1099-s shows gross proceeds amount and then allocation of gross proceeds to each family member. Is there any need to show the gross proceeds or just the one's allocation amount on sch D.
                I would report the gross from the 1099s so as to appease the IRS Darling and then I would make an adjustment on the line to subtract all but the one TP's allocation with an explanation that the balance was allocated to other receipants. Then I would report the allocated 1099s and make an adjustment subtracting the TP allocation (which would be the total) with the explanation linking it to the gross 1099 so that the TP is not reporting the allocated share twice.
                Believe nothing you have not personally researched and verified.

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                  #9
                  one name

                  Only one name listed on each 1099-s. I am doing 3 brothers and each shows the same
                  gross and allocated amounts.

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                    #10
                    I have done these before efiling came along, with the gross amount and an adjustment. You will have to play with your software to make it come out right. Might have to file paper in the end.

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