Level 3

Question

How do I enter the sale of home(not principal home) if no 1099S was issued?

Forum|Forum|1 year ago
February 28, 2025
4 replies
17 views

My client's dad quick claimed the deed for his home to my client in 2020. My client sold the home in 2024

and was never issued a 1099S. What form should I use to report the sale? Is the property considered investment property?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Sch D, use the 1099B worksheet, scroll down past the brokerage info to the entry table,

You've got the date sold, youve got the date acquired, youve got the basis and expense of sale, you've got the sales price, enter it like you would if it were a stock sale.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

Terry53029

Intuit Community Champion

Did he ever live in home ? Did dad fill out form 709 ? Did dad pass ? lots of unanswered questions.

qbteachmt

Level 15

Is this other topic from you the same story:

https://accountants.intuit.com/community/proseries-tax-discussions/discussion/how-do-i-enter-sale-of-father-s-he-s-still-alive-home/00/321102

No need to ask twice.

Don't yell at us; we're volunteers

BobKamman

Level 15

You don't have to be a lawyer or real estate broker to know the word is "quitclaim."

IRonMaN

Level 15

Maybe we were referring to how long it took to get done rather than attempting to use a legal term. 😉

Slava Ukraini!

sjrcpa

Level 15

Don't be so sure there wasn't a 1099-S either.

It's usually in the pile of settlement paperwork.

The more I know the more I don’t know.

qbteachmt

Level 15

I've noticed a lack of 1099-S when the sale price doesn't come up to the exclusion amount. It's not taking into consideration the tax rules, but I think the title company is going off of the reporting limit of $250k when there is a single name and $500k co-owned. It also depends on how those 4 questions get answered at closing.

Don't yell at us; we're volunteers

BobKamman

Level 15

I've noticed that the question about "Did you live there two out of the last five years" is often answered incorrectly, perhaps with the encouragement of the title company who wants to avoid work, or save the customer on taxes.

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