You do not actually enter the Form 1099-S in TurboTax.
Report the sale of the house as an investment sale for which you did not get a 1099-B, in the same place that you would report a sale of stock.
- For the description, enter "Second home" or "Inherited home."
- Enter the date sold, date acquired, proceeds, and basis. If you sold an inherited home, enter "Inherited" for the date acquired.
- For the holding period select "Short term (Box C)" or "Long term (Box F)," depending on whether or not you owned it for more than a year. An inherited home is always long-term, no matter how long you or the deceased actually owned it.
- When you get to the screen that says "Select any less common adjustments that apply," check the box that says "Any loss from this sale is not deductible. . . ." Then select "This is personal use property" as the reason.
You cannot report the sale in TurboTax Free Edition. You will have to upgrade to Premier, or use any edition of the CD/Download TurboTax software.
