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My client's dad quick claimed the deed for his home to my client in 2020. My client sold the home in 2024
and was never issued a 1099S. What form should I use to report the sale? Is the property considered investment property?
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Sch D, use the 1099B worksheet, scroll down past the brokerage info to the entry table,
You've got the date sold, youve got the date acquired, youve got the basis and expense of sale, you've got the sales price, enter it like you would if it were a stock sale.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Did he ever live in home ? Did dad fill out form 709 ? Did dad pass ? lots of unanswered questions.
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Is this other topic from you the same story:
No need to ask twice.
Don't yell at us; we're volunteers
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I've noticed a lack of 1099-S when the sale price doesn't come up to the exclusion amount. It's not taking into consideration the tax rules, but I think the title company is going off of the reporting limit of $250k when there is a single name and $500k co-owned. It also depends on how those 4 questions get answered at closing.
Don't yell at us; we're volunteers
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I've noticed that the question about "Did you live there two out of the last five years" is often answered incorrectly, perhaps with the encouragement of the title company who wants to avoid work, or save the customer on taxes.