<wordsmith[at]rocketmail.com> wrote:

- quote -

Yes. Report on Schedule D of the 1040.

Phil Marti
Clarksburg, MD

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

wordsmith[at]rocketmail.com posted:

- quote -

Yes, it's a capital gain. Did you and your siblings jointly
purchase the property? -- Or was it inherited? You'll need
to establish a cost basis, which would be affected by these
issues. Also, was the 1099-S issued in only one person's
name? -- Or did you all receive individual 1099s, for your
share of the sale?

Depending on how long you owned the property, it can be a
long-term (or short-term) gain. I'm guessing long term,
only because you mentioned not living in the house for the
last two years.

Especially if the 1099 was issued to only one of you, you
would be wise to seek some assistance from a professional
preparer on this matter.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I've never dealt with this form before. The real estate in
question was a house jointly owned by my siblings and I.
None of us lived in the place for the last two years. We
divided the profit evenly amongst the eight of us. Would
this profit be considered a capital gain?

W

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->