David Posted October 11, 2016 Report Posted October 11, 2016 Tenants in common sold land and received a 1099-S with both names included but only my client's ssn. My client owned 80% and the other person owned 20%. The other person claimed their share of the sale proceeds on their tax return. If I file my client's return reporting only his share of the proceeds won't the IRS send him a letter asking for taxes on the remaining proceeds? I don't see a way to report 100% of the proceeds and allocate 20% to the other person. How have you handled this issue? Thanks. Quote
jklcpa Posted October 11, 2016 Report Posted October 11, 2016 17 minutes ago, David said: I don't see a way to report 100% of the proceeds and allocate 20% to the other person. David, try searching Form 8949 instructions for the word "nominee". There are only 2 matches, both leading to the same spot. 1 Quote
Max W Posted October 12, 2016 Report Posted October 12, 2016 check out Code N in the instructions https://www.irs.gov/pub/irs-pdf/i8949.pdf Quote
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