Taxfun
Level 3
04-08-2021
08:22 PM
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Brother and sister are the co-owner of the house. The house was sold in 2020. Form 1099-S was issued under sister's name. How to report the nominee's portion ( the portion of the sale to the brother) on Form 8949?
sjrcpa
Level 15
04-08-2021
09:14 PM
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Just report his share. IRS won't care that he is reporting income not on a 1099-S.
The sister with the 1099-S has the reporting issue.
Are you sure they both owned it? Normally with multiple owners (other than spouses) each seller would get a 1099-S for their portion.
The more I know the more I don’t know.
