Entering 1099-S in ProConnect with wrong amount proceeds!

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My client received a 1099-S in box 2 is gross proceeds of $100,000.00 which they did not get it was split between four siblings. how can this be entered?

ProConnect Tax

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greg7Answer

Level 3

If the person did not receive the 100k, then request a corrected 1099.

If the person did receive the 100k and then sent portions of that money to their siblings, then those portions are likely considered a gift and should be reported as such on the return. (except if the person was bequeathed the real estate and is carrying out the transfer of property to other heirs, in which case it is allowed to have temporary control without reporting as a gift).

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greg7Answer

Level 3

If the person did not receive the 100k, then request a corrected 1099.

If the person did receive the 100k and then sent portions of that money to their siblings, then those portions are likely considered a gift and should be reported as such on the return. (except if the person was bequeathed the real estate and is carrying out the transfer of property to other heirs, in which case it is allowed to have temporary control without reporting as a gift).