For instructions to enter other capital gains not reported on a 1099-B in TurboTax Online or TurboTax Desktop, review the following links. If you capital gain was from the sale of your main home, refer to the TurboTax Help article Where do I enter Form 1099-S?. If your capital gain was from the sale of a second home, or land, refer to the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes? If your capital gain was from the sale of rental property, refer to the TurboTax Help article I sold my rental property. How do I report that?

Question

I bought and sold a property in the same year. I got a 1099-S. Where does this get reported on TurboTax?

Forum|Forum|1 year ago
March 29, 2025
1 reply
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SharonD007

For instructions to enter other capital gains not reported on a 1099-B in TurboTax Online or TurboTax Desktop, review the following links.

If you capital gain was from the sale of your main home, refer to the TurboTax Help article Where do I enter Form 1099-S?.

If your capital gain was from the sale of a second home, or land, refer to the TurboTax Help article Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

If your capital gain was from the sale of rental property, refer to the TurboTax Help article I sold my rental property. How do I report that?

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G

germanescobar-finAuthor

Hi, I don't believe this sale falls under any of the options listed. I believe the property would be considered a flip and subject to short term capital gains. When I select (Investments - 1099-S - Type of investment - Other) I'm not given the option to put in my expenses. The only things that appear are Proceeds and Cost or other basis.

A

AnnetteB6

You will not find a place to enter your expenses directly into TurboTax to determine the basis of the home that was sold. You need to calculate that separately and enter the total cost basis of the property, which will include the purchase price adjusted by the expenses you incurred in getting it ready to sell. Keep your own records showing how you determined the basis.

Then, enter the sale as if you sold an 'Other' type of investment, entering the date of the sale, the proceeds, and the basis that you have calculated. There will also be a separate entry where you can enter sales expenses you paid to sell the property. This will report the sale on Schedule D as a short term capital gain or loss.

@germanescobar-fin

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