i NEED TO ADD TO MY TAXES FORMS 1098 AND 1099S

Selling cost can include escrow fees, legal fees, real estate agent commissions, advertising costs, and even home staging fees.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

 

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. 

 

Enter your 1098 or Mortgage Interest here:

1. Open your return (if not already open).
2. Enter "1098"  or "mortgage interest" in the Search box.
3. Click on "Jump to mortgage interest" link.
4. Answer Yes to Did you pay any home loans in 2024?
5. Proceed/enter your information.

Enter your 1099-S for the Sale of Home here:

1. Open your return (if not already open).
2. Enter "sale of home" in the Search box.
3. Click on "Jump to sale of home" link.
4. Answer Yes to Did you sell or have your home foreclosed in 2024?
5. Select Continue on the next screen.
6. Enter the address of the home you sold on the next screen, and select Continue.
7. On the next screen, answer Yes to Did you receive a Form 1099-S that reported this sale? and enter the info from your 1099-S.
8. Follow the onscreen instructions.

I sold 10 acres of raw land last year.  How do I access 1099-S form on turbo tax to enter the data?

I didn't sell a home, I sold 10 acres of undeveloped land.  I received a1099-S form associated with that sale.  I am trying to locate the right area of turbo tax to enter this info

The sale of land will go under investments. Follow these steps with some variation depending on the program:

1. Open to federal income
2. Locate investments
3. Select stocks, bonds, second, home, other
4. Select Other - land, second home, personal items
5. Along the way you will skip import and choose to type it in manually.
6. Enter information

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