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brenda4672
Level 3
February 26, 2024

1099S

  • February 26, 2024
  • 1 reply
  • 5 views

Father co-signed on property with son on undeveloped property 3 years ago.  Property was sold this year. Property was purchased for 45000 and sold for 132000. Father received a 1099s for 66000 representing his portion of the gain. How do I record this? 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    February 26, 2024

    Schedule D/8949.

    $66,000 is his portion of the sale price. not gain.

    The more I know the more I don’t know.
      B
      brenda4672Author
      Level 3
      February 26, 2024

      Thank you!

       

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