Since you received a Form 1099-S then you do need to report the sale (gain or loss) on your federal tax return. The IRS also received a copy of the 1099-S and expects to see the sale reported on the tax return.
You will need to upgrade to the Premier online edition to report the sale.
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
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)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2020? click on Yes
On the screen OK, what type of investments did you sell? click on Other and then on Continue
Continue past the screen Tell us more about this sale
On the screen Now we’ll walk you through entering your sale details, select the type of investment sold in the dropdown on What type of investment did you sell?
Continue with this section until it completes.
