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    datacookie's Avatar
    datacookie Posts: 4, Reputation: 1
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    #1

    Apr 29, 2012, 03:39 PM
    Do I need a 1099 form to file my taxes?
    My two brothers and I recently sold our father's house which we inherited through a life estate. Our father died in 2007 and the house was held by our step-mother until she died in 2010. We sold the house for a loss of $4000 under the value placed at the final closing of our father's estate. We split the proceeds equally, three ways. Do we each need a 1099 form for our taxes? Where do we get one?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Apr 29, 2012, 05:15 PM
    You should each get a Form 1099-S that will show your share of the peoceeds from the sale of the house.

    You will then report the sale on Schedule D.

    You will NOT be allowed to deduct the loss.
    datacookie's Avatar
    datacookie Posts: 4, Reputation: 1
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    #3

    Apr 29, 2012, 06:17 PM
    Is this form sent to us? By whom?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Apr 29, 2012, 06:40 PM
    The title company that handled the closing should send you the 1099-S.
    datacookie's Avatar
    datacookie Posts: 4, Reputation: 1
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    #5

    Apr 29, 2012, 06:47 PM
    Is this automatic?


    Quote Originally Posted by AtlantaTaxExpert View Post
    The title company that handled the closing should send you the 1099-S.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #6

    Apr 29, 2012, 07:07 PM
    Yes, it should.be, but if do NOT get the Form 1099-S, you still have to report the sale on Schedule D.
    datacookie's Avatar
    datacookie Posts: 4, Reputation: 1
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    #7

    Apr 29, 2012, 07:54 PM
    Thanks for the info!


    Quote Originally Posted by AtlantaTaxExpert View Post
    Yes, it should.be, but if do NOT get the Form 1099-S, you still have to report the sale on Schedule D.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #8

    Apr 30, 2012, 07:06 AM
    Glad to help!
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