Anonymous
Not applicable

Received a 1099-S at closing, but information missing from form.

Purchased home October 2013, we then sold that home July 2015.  At the closing we were told that since we didn't live in home 2 years, to save tax form they had us sign, a 1099-S.  

On form there is the closing date and Gross Proceeds listed, box 4 and 5 are blank...property/services received and buyer's part of real estate tax.

My questions are:

-Is this an official document I use while doing my taxes, and if so, what information is needed and at what point in TurboTax Deluxe do I enter the information (I was told the CD version could handle this)

-WIll I be getting an "official" 1099-s form from the title company that handled the closing with additional informaiton on it for tax filing purposes?

Thank You, this is the first time I have dealt with this type of form.

RayW1
New Member

Get your taxes done using TurboTax

You have likely receive the "official" 1099-S.  There is no requirement the issuer wait for a period of time before issuing the 1099-S.

In the closing statement, either seller or the buyer paid the real estate taxes to the sales date.  As real estate taxes are paid in arrears, the seller normally pays the real estate at closing.  Box 5 would normally be blank.

Box 4 would also normally be blank.  This box would be complete when the seller receive more than cash in the sale.

The instructions to enter the information off the 1099-S are as follows:

1.       Jump to Sale of home in the find box in the upper right of your screen,

2.       Click the yes button,

3.       Click the continue button,

4.       Enter the information on the screen and click the continue button,

5.       The “Date Sold” and “Selling Price” information boxes come from your 1099-S, and

6.       Finish the interview.

 

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Anonymous
Not applicable

Get your taxes done using TurboTax

Thank You!  Will there not be any amounts to enter in regard to gain/loss then?  I thought that was the purpose of a 1099, to report your gain from when you bought to when you sold?  This document only shows the sale price of our home. If that and sale date is all I need, I am good to go.
RayW1
New Member

Get your taxes done using TurboTax

You will need to enter your basis, or cost, in the property.
Anonymous
Not applicable

Get your taxes done using TurboTax

WIll TurboTax create a Form 1040, Schedule D (PDF) and Capital Gains and Losses, and Form 8949 (PDF) as well?

Get your taxes done using TurboTax

Did you ever receive the correct response to this? I have the exact same question...exact.