@Skippy221 Please clarify. What are you asking when you say "allocate"?
You generally report the sale of a rental in the Rental section of TurboTax.
You won't be entering the form per se. You'll only enter information from the form.
Where you enter your Form 1099-S information depends on why you received it. Since you sold a rental, see the steps in the TurboTax FAQ: I sold my rental property. How do I report that? For additional information, click here and scroll down to HelenC12.
Some items to remember as you enter your rental sale:
- You have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax.
- Closing costs are considered expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale. Examples are commissions, transfer tax, recording fees, etc.
[Edited 02/16/22|10:10 am PST]
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