Edward Posted September 25, 2011 Report Share Posted September 25, 2011 Have client that inherited farm land (50/50) with sister. Settlement Stmt (HUD-1) shows both as sellers but the 1099-S has only his name with total gross sales 240,000. In looking at 2010 edition (Bookleto5) HOW TO PREARE 1099'S, pages 109 to 111 I can not seem to find any references to the "splitting" of Gross Sales price. Both will report their share (120,000) however. Is there a way for me to add a comment regarding the allocation before efiling? Any comments will be apprecicated. Thanks Quote Link to comment Share on other sites More sharing options...
Lion EA Posted September 26, 2011 Report Share Posted September 26, 2011 One way is to report the $240,000 on his Schedule D and then report (120,000) on the next line. Depending on the space available in your software, say something like reported by other beneficiary, Name, SSN Quote Link to comment Share on other sites More sharing options...
Edward Posted September 26, 2011 Author Report Share Posted September 26, 2011 Sorry but I goofed in failing to read a "NOTE" sentence of the instructions which read: FOR MULTIPLE TRANSFERORS: You must file a separate Form 1099-S for each transferor". So problem solved. Thanks. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted September 26, 2011 Report Share Posted September 26, 2011 Sorry, are you filing the Forms 1099-S for your client the seller? Or, did your cient receive a Form 1099-S and you're e-filing his personal return? Quote Link to comment Share on other sites More sharing options...
Edward Posted September 26, 2011 Author Report Share Posted September 26, 2011 I received the 1099-S from my client and the people that handled the closing (HUD-1) gave my client the 1099-S but the single 1099-S reflected the TOTAL of both (240,000), when it should have been split between the two transferors. I contacted the closing company and they are going to send corrected 1099-S's to show the split. Yes, I will be efiling the clients return. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted September 27, 2011 Report Share Posted September 27, 2011 Be sure your client's replacement 1099-S is marked and submitted by the closing company as "CORRECTED" or be prepared to deal with a CP2000 in a year or so. Quote Link to comment Share on other sites More sharing options...
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