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I recently received a 1099-S form for the sale of property I owned with my two sisters. How exactly do I report this income on my form 1040?


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The BIDaWIZ Team's Answer:

It's reported similar to any other property sale. You would report the transaction on Schedule D of your Form 1040. Please be mindful of your cost basis, share of certain settlement costs and improvements. Please note that the type of property (i.e. personal home, investment property, rental property, vacation home) can impact the reporting procedures.

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