BulldogTom Posted March 30, 2019 Report Posted March 30, 2019 TP owed a piece of investment land jointly with another person 50/50. Bare land in the mountains. Title was held by my client. Sold this year for a small profit after taking into account the selling costs. My client paid the other party their half of the net proceeds. 1099S is in my client's name. How do I report to show the gain correctly? Option 1 - show client's share of Proceeds and Expenses on the sch D, and put a statement on the return that shows the Gross Sales Price and explains that TP is only 50% owner Option 2 - Show full Proceeds & Expenses and then adjust Profit to my client's actual amount Thanks in advance. Tom Modesto, CA Quote
Abby Normal Posted March 30, 2019 Report Posted March 30, 2019 Option 2 so you don't get a matching notice on the 1099-S. 8949 Code N-Nominee adjustment 2 1 Quote
BulldogTom Posted March 30, 2019 Author Report Posted March 30, 2019 Duh. I should have known that. Thanks Abby. Tom Modesto, CA 1 hour ago, Abby Normal said: Option 2 so you don't get a matching notice on the 1099-S. 8949 Code N-Nominee adjustment Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.