If you received a 1099-S, do not try to report it as a 1099-B. To address your comments individually:
So, there is a concern of being audited for unreported additional income (as reported in the 1099-S).
You are reporting the income from the 1099-S if you follow my instructions.
How do you propose doing so, given that by choosing "No" to the 1099-B, I am unable to modify the "No Financial Institution"
There was no financial institution. You received the funds from the purchaser of the property, through the settlement agent.
I believe I can override that field in Forms mode... Is that advisable, given that it provides needed information?
No - See comment above.
Also, since a 1099-S will be submitted, should I be unchecking the "Transaction not reported to the IRS" box in that worksheet ....
No - You are treating this as a stock sale, which it is not, The IRS does receive a copy of the 1099-S.
For handy reference, here are the instructions for reporting the sale of a second home. Screenshots are included in my original posting, above.
- Open or continue your return in TurboTax.
- In the Search box, enter sold second home and select the Jump to link in the search results.
- Answer Yes on the Did you sell any investments in 2020? screen.
- Answer No on the “Did you get a 1099-B or a brokerage statement for these sales?” screen.
- The next screen is “Tell us about this sale”. Mark the radio button next to I’ll enter one sale at a time
- On the screen, Tell us about this sale, enter the total sales proceeds as well as the other information requested. [See Screenshot #1, below.]
- Continue to the screen, Select any less common adjustments that apply. (In TurboTax Online: Let us know if any of these situations apply to this sale)
- Mark the first box The reported sales price did not deduct all fees or selling expenses. [Screenshot #2] (In TurboTax Online: I paid sales expenses that aren't included in the sale proceeds reported on the form.) [Screenshot #3]
- Enter the sales expenses not deducted from the sales price entered earlier.
@amvivaldi
Thanks you for your comments. I will pass them along. @LT21
