Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

When my ex-husband and I split up several years ago, we

When my ex-husband and...

When my ex-husband and I split up several years ago, we refinanced our house and together bought a condo. I lived in the house, he lived in the condo (and our children went back and forth every week - the residences were a block apart). The house was sold several years ago, and in April of 2017 we sold the condo. I never paid any money for the mortgage, taxes, or insurance (this was in lieu of alimony or child support). I have recently received a 1099-S from the attorney that represented the buyers of the condo. I was not expecting the form and had already submitted my tax returns. I suspect I need to amend my tax return and at this point am thinking I ought to pay a professional as Turbo Tax is being rather vague as to whether or not I need to proceed. Your help advice would be greatly appreciated. Thank-you.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I can think of, but I'm ready to answer any questions.

Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/11/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Because the condo was not your primary residence, the closing attorney issued a 1099-S to you.

You will have to amend your tax return to report the sale of the condo.

You will pay capital gains tax on the difference between your basis (what you paid when you purchased PLUS any improvements and the closing costs to purchase) and the sales price LESS any closing costs to sell.

Because you and your ex-husband were co-owners, all of the figures you report will be 50% of the total.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend.

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
5,820 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I just filed a client's tax return for 2014. Tax return
I just filed a client's tax return for 2014. Tax return filing was due 4/15/2015...filed 4/17/2018. - just met the 3 year filing window. If I need to amend, is there a new window of time to do this?… read more
abci168
abci168
Principal
27 satisfied customers
I received a 1099 S after I filed my taxes for the sale of
I received a 1099 S after I filed my taxes for the sale of my mother in laws condo after she passed. Do I file an amended return? How is inheritance taxed? she paid 117000 in 1994 and it sold for 8000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
Where do I report capital gains distributions in Turbo Tax?
Where do I report capital gains distributions in Turbo Tax? … read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
IRS Tax Question: Should a 1099-S be for the total sale
IRS Tax Question: Should a 1099-S be for the total sale price of a property or can it be for a different amount?… read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
Can a child file tax return and a parent still claim the
Can a child file tax return and a parent still claim the child as dependent? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
942 satisfied customers
I used a calculator to figure capital gains tax on the sale
I used a calculator to figure capital gains tax on the sale of my rental property in CA... do the figures look reliable? I am a hawaii resident. Will there be other taxes due besides capital gains? Th… read more
Carter McBride
Carter McBride
LLM
983 satisfied customers
Iowa Income Tax. Is 100% of capital gains on the sale of a
Iowa Income Tax. Is 100% of capital gains on the sale of a rental property deductible if the requirement is met for hours spent for management of the property? … read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
What forms are needed with my tax return. Turbo Tax printed
What forms are needed with my tax return. Turbo Tax printed about 50 sheets and I have not been able to figure out which sheets are needed besides the four tax return forms are necessary. I believe Sc… read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
I filling my tax return from turbo tax. At final, I was
I filling my tax return from turbo tax. At final, I was asked my last year AGI, I m unable to answer due to I lost my document . How should I do? … read more
abci168
abci168
Principal
27 satisfied customers
I filed my tax return (e FILED) with Turbo tax on 2/19/18. I
I filed my tax return (e FILED) with Turbo tax on 2/19/18. I cannot find out any info about the status of refund. Can you help? … read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
I have an s corp tax return to prepare and am struggling
I have an s corp tax return to prepare and am struggling with the k1. One partner bought out the other. they were 50/50 partners. issues below: - the partners final day 9/30/17 -he stayed on as an emp… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Is there a way to determine if a Sub S tax return filed for
Is there a way to determine if a Sub S tax return filed for 2016 and if the return was marked "Final"? … read more
abci168
abci168
Principal
27 satisfied customers
I need access to 2016 tax return. I file with turbo tax last
i file with turbo tax last year and i just need to be able to safe and print it out … read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
This is in regards to a partnership tax return Form 1065 and
This is in regards ***** ***** partnership tax return Form 1065 and potentially amending it. The only reason for the amendment would be the distribution information on the K-1s was incorrect. Nothing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form
EMC011075 TAX PROFESSIONAL ONLY ONLY…NO ONE ELSE Gift Tax Return Form 709 when not a CHECK I'm under the assumption when reporting gifts from Parent to Child; make sure the Market Value is Correct and… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I received Form 1099-S following the sale of my mother's
I received Form 1099-S following the sale of my mother's property. I was the Administrator of her Trust. The property sold for $230K and the proceeds were divided 4 ways; among me and my 3 siblings. D… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I need to verify that my tax return was filed by Turbo Tax.
I need to verify that my tax return was filed by Turbo Tax … read more
Barbara
Barbara
Enrolled Agent
5,820 satisfied customers
Cannot e file my tax return checked for update. Turbo tax
cannot e file my tax return checked for update JA: What device or product does this involve? Customer: turbo tax home and business JA: What Operating System (OS) are you running on your computer or de… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x