1099-S flip house

Forum|Forum|2 years ago
April 10, 2023
1 reply
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Hi,

I flipped a house and made a small profit. The settlement company sent me a 1099-S for the sale price of the house. I reported it under Investments, but TT is using language as if it was a stock investment. Where is the correct place to report the sale price and costs associated with the renovation?

Thank you.

Best answer by AmyC

You are correct to report it on sch D as an investment. This is the same place as stocks and other investments.

You would have followed the steps in Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

You want to view your Sch D to see if you have a carryover loss and verify the sale was reported correctly. You will see a gain or loss showing on your Form 1040, line 7.

To see your forms and locate Sch 😧

In desktop, switch to Forms Mode.
For online, see How do I preview my TurboTax Online return before filing?

AmyCAnswer

You are correct to report it on sch D as an investment. This is the same place as stocks and other investments.

You would have followed the steps in Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

You want to view your Sch D to see if you have a carryover loss and verify the sale was reported correctly. You will see a gain or loss showing on your Form 1040, line 7.

To see your forms and locate Sch 😧