Even though the entry page reflects Form 1099-B, you should be able to report all the information from Form 1099-S that would affect your tax situation. Because you indicated this was a 1099-S sale, it will be characterized as such for Schedule D.
How to enter:
- When did you receive this investment: purchase date.
- Date sold or disposed: closing date.
- Sales Proceeds: total sale price.
- Total amount paid: your basis.
- Check the box "I have more info to enter that I don't see here".
- Choose the state from the drop-down and enter the state ID number.
- Enter the amount of state tax withheld.
- On the next page, check the box for "I paid sales expenses..." and enter the total (see list below*).
- The review page should show "1099-S" as the description.
In your return forms, you will see your entries on Form 1099-B Wks (description of sale), which flows to Form 8949 Part II Box F, and further to Schedule D Part II Line 10 (Long term).
Note that this experience has been reported and is under investigation.
*Sales expenses include:
- commissions
- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
- loan charges (points) or other fees paid on the buyer's behalf
Sales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
@phil525
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