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Level 3
April 9, 2021

sale of the house

  • April 9, 2021
  • 1 reply
  • 7 views

Brother and sister are the co-owner of the house. The house was sold in 2020. Form 1099-S was issued under sister's name. How to report the nominee's portion ( the portion of the sale to the brother) on Form 8949?

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    1 reply

    sjrcpa
    Level 15
    April 9, 2021

    Just report his share. IRS won't care that he is reporting income not on a 1099-S.

    The sister with the 1099-S has the reporting issue.

    Are you sure they both owned it? Normally with multiple owners (other than spouses) each seller would get a 1099-S for their portion.

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