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Get your taxes done using TurboTax
No. The form 1099-S is not included under Turbo Tax forms. A form 1099-S is a tax document used to ensure that the full amount received for a real estate sale of some kind is accurately reported. ... A 1099-S can also be used to report income made on rental property or investment property. For selling real estate, the buyer must complete and file their own 1099-S.
For residential property, the form 1099-S is reported under Sale of a Home. If you live 2 out of 5 years you owned the property, capital gain is excluded up to $500,000 ( married filing joint).
For rental property. the form 1099-S is reported on Schedule E
‎April 13, 2021
12:09 PM