David Posted October 11, 2016 Report Share 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 Link to comment Share on other sites More sharing options...
jklcpa Posted October 11, 2016 Report Share 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 Link to comment Share on other sites More sharing options...
Max W Posted October 12, 2016 Report Share Posted October 12, 2016 check out Code N in the instructions https://www.irs.gov/pub/irs-pdf/i8949.pdf Quote Link to comment Share on other sites More sharing options...
David Posted October 12, 2016 Author Report Share Posted October 12, 2016 Thanks. Quote Link to comment Share on other sites More sharing options...
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