The Form 1099S is entered into TurboTax by using the steps shown here.Form 1099 S is entered in the Less Common Income section of Turbo Tax (online or desktop).Select Federal TaxesSelect Wages and IncomeScroll down and select Show More at Less Common IncomeSelect Start at Sale of HomeThe program will prompt you on how to handle if this home or property was not your primary residence. Another option if this is not your home you can use these steps.In the search box, upper rightSearch for 1099s, sale of property other than main homeJump to 1099s, sale of property other than main homeContinue to follow the screens to enter your sale

Question

Where do I add a 1099-S (proceeds from real estate transactions)?

Forum|Forum|6 years ago
June 6, 2019
13 replies
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TurboTax Deluxe Online

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DianeW777

The Form 1099S is entered into TurboTax by using the steps shown here.

Form 1099 S is entered in the Less Common Income section of Turbo Tax (online or desktop).

Select Federal Taxes
Select Wages and Income
Scroll down and select Show More at Less Common Income
Select Start at Sale of Home
The program will prompt you on how to handle if this home or property was not your primary residence.

Another option if this is not your home you can use these steps.

In the search box, upper right
Search for 1099s, sale of property other than main home
Jump to 1099s, sale of property other than main home
Continue to follow the screens to enter your sale

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M

m-sangwin

Yes, I've done that, but after I enter the gross sale price from teh 1099-S in "Proceeds" and basis, it says "All done" and never asks me for the expenses for the sale. I could put the net (after expenses) sale price in the proceeds section, but since I have a 1099-S, the numbers won't match.

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mdspitalmd

in what edition of turbotax is the 1099-S

i have premier and i cant find it

VictoriaD75

On the screen for Sales Information, you enter the Sales Expenses regardless of 1099-S.

The instructions on the screen state Enter the information below as found on your Form 1099-S. The sales expenses won't be on Form 1099-S, but look for this on your closing statement (also called "settlement statement" or "sales contract").

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M

m-sangwin

I can see those instructions in the section for sale of a principal residence, but I'm trying to enter the sale of a second residence.

If I follow the instructions specifying that I put that sale in the "Investment Income" section, I select "Investment Income"--->"Stocks, Mutual Funds, Bonds, Other"--->"No" I didn't receive a 1099-B---> and then on the " Now we’ll walk you through entering your sale details" screen, there's a spot for "Proceeds", with "Learn More" remarks that include, "...In most cases, your proceeds amount already has fees and commissions subtracted out of it, but if it doesn't you should enter them later when we ask about any sales expenses.". My proceeds amount on the 1099-S doesn't have the fees and commission subtracted out of it, but I can't find a place to enter those fees. There's no place on that screen to put them, and there's no follow-on screen. Selecting "Continue" completes the entry and kicks me back to the screen to enter another sale.

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MayaD

Enter the amount from your 1099-S as the net proceeds and add the costs of sale to the cost basis of your second home. So, the gain or loss will be what you made on the sale.

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G

geneagray

Perhaps there is no place in TT Premier 2020 that asks for Form 1099-S regarding the sale of rental property.

Yes, I can enter the sales price of the rental sale, but Form 1099-S is not included as a heading.

TT should be specific about Form 1099-S. Your online explanations are NOT correct. There is no "jump to" prompt when I search "rentals."

Please, fix your product. I've spent nearly 2 hours looking for something that probably does not exist.

How about a free copy of TT 2021?

DoninGA

@geneagray wrote:

Perhaps there is no place in TT Premier 2020 that asks for Form 1099-S regarding the sale of rental property.

Yes, I can enter the sales price of the rental sale, but Form 1099-S is not included as a heading.

TT should be specific about Form 1099-S. Your online explanations are NOT correct. There is no "jump to" prompt when I search "rentals."

Please, fix your product. I've spent nearly 2 hours looking for something that probably does not exist.

How about a free copy of TT 2021?

Premier desktop 2020 > Search > rentals > Jump to > Screenshot

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geneagray

I see your screen shot, but my program does not do that. I've tried many times.

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Vherle5

How do I fill out 8949 for sale of 7 year residence with less than $250,000 capital gain? I received a 1099-S from the title company for the full amount of the sale even though it was a residence of 7 years but I had not physically lived there for only 5 months before sale!!

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geneagray

Try this link:

https://pocketsense.com/report-sale-real-estate-property-irs-20318.html

and this link:

https://www.irs.gov/forms-pubs/about-form-8949

Here is Form 8949

https://www.irs.gov/pub/irs-pdf/f8949.pdf

You may also try YouTube for a video, such as

https://www.youtube.com/watch?v=KZNBqhn80eM

Good luck.

C

curlyty

I sold a piece of land that I inherited (in 1992) . I have a 1099

s but do not know where to enter it.

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PattiF

You will need to enter this as an investment sale using as the cost basis the value of the land when you inherited it in 1992. This can be found from consulting historical records of properties if the land or similar parcels were sold within two years of your inheritance. You may need to consult a licensed appraiser to determine an accurate historical value.

Once you have your basis in the land, you will be able to enter the sale of the land by following the instructions in this TurboTax help article.

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T

tedkaltenberg

Where to file the Proceeds from 1099S?

Hal_Al

Q. Where to file the Proceeds from 1099S?

A. Simple answer: Form 8949, then to Schedule D.

Where you enter it in TurboTax (TT) depends on why you got the 1099-S. This thread is now 4 pages long and probably covers every possible scenario.

M

meggiha

I use your TurboTax - Home and Business Version and want to enter a 1099-S FORM from a sale of Vacant Land, which I have owned for 17 years.

LeonardS

To report the 1099-S for the sale of your vacant land in TurboTax follow these steps:

Open or continue your return
In the search box, enter sold second home
Click on Jump to sold second home in the results box
On the page Did you sell any of these investments in 2021? Answer yes
On the page OK, let's start with one investment type check the Box for other

On the page Tell us more about this sale enter “sale of vacant land” in the Name box
Answer all the questions on the page Now, enter one sale for sale of vacant land Enter the GROSS 1099-S in the Proceeds box and your basis in the Total amount paid box
On the page Let us know if any of these situations apply to this sale check the box you paid expenses and enter your sale expenses
Continue to the page Your investment sales summary where you will see your Total gain if any on the sale of your vacant home.

Vacant land not used for investments purposes is personal use of a capital asset. A gain on the sale is reportable income, but a loss is NOT deductible

This link Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes? has information you may find useful.

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A

annettesmallwood

How do I enter 1099-s for sale of rental property

S

sriramganesan

Turbo tax is one of the stupidest software products I've come across in my life. I spent hours to find out where exactly should I enter the information, adjusting the basis and other expenses. Let alone, it was a nightmare to use the downloaded version of turbotax. Look how the company makes the software that calls for multiple expert help calls and frustrations. Someone should take responsibility in the company. Addressing ease of use and thinking through every scenario. Blogs talk about steps and if you follow the same steps you would get nowhere.

I got stuck to turbotax as I've been using it for a few years and all the data is here. May be I should switch to H&R by importing turbo tax docs

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pk12_2

@sriramganesan -- this is very long and old thread and perhaps you should consider posting/ starting a new thread with the details of your situation / frustration. I sense your frustration but don't know what you are trying to do -- did you sell an income property or your residence? Did you get a 1099-S ? In which state? or is it abroad ? Should I assume that you are a US person ( citizen/ Green Card/ Resident for tax purposes )? Please tell me more of the situation and perhaps one of us help clear up or atleast ameliorate your pain -- yes ?

Namaste ji

pk

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grangold

I have TurboTax Premium for 2022. It is not set up like previous years. I get to the page where it ask if I received a brokerage statement, I say no. It only allows me to select enter a sale one at a time or grouped. No option to select land or anything else. I was a told specifically that the Premium package could handle this. So far not luck.

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PattiF

The sale of land is entered in the investment section.

Follow these instructions to enter the information in your tax return:

Go to Wages & Income

Scroll to Investments
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes to "Did you sell any Investments? Answer "No" to "Did you get a 1099-B or brokerage statement?"
Enter the sale one at a time
Enter Land Sale Information. Make sure to check the box for Reported sales price did not deduct all fees of selling expenses if it applies to you.
Follow the prompts to complete entering the land sale

You will enter the information from the 1099-S and your information about the date of purchase and the cost basis of the home that you have from your records.