Thank you or the additional info. I'll change the description to include the address.
For you comment regarding my question on "no financial institution", I received a substitute 1099-S from the escrow/title/closing company. The form shows only the gross proceed/sales price and address, (no closing costs). So I need to change the "no financial institution" description then? How would I make the change, and to what do I change the description, the name of the escrow company?
For the "sale of home input", as a test, I put in "selling price" of $150,000, "sale expenses" of $10,000, and "adjusted cost basis" of $155,000. Form 8949 for this entry showed:
- Box F checked
- (d) – proceed - $150,000 selling price
- (e) – cost basis - $155,000 (only shows the purchase cost plus improvements, it does not include the $10,000 sale expense that I put in as a test)
- (f) – EL – I think "L" is for "non-deductible expenses", and "E" is for "sale expenses"? The "E" was not there for the earlier entry that I left the "sale expenses" box blank, and put the total of sale expenses, purchase cost and improvements in "adjusted cost basis". And now "E" showed up because I put an amount in the "sale expenses" box?
- (g) – positive of $5,000 ($150,000 - $155,000). In theory, it should show a positive of $15,000 ($150,000 selling price - $10,000 sale expenses - $155,000 adj cost basis). The TurboTax screen result said I had a "No Exclusion" of $15,000 non-deductible loss, but Form 8949 showed a positive $5,000 in column (g) instead. My software is not showing the adjustment in column (g) correctly like the version that you used.
- I checked the "received 1099-S" button for both the entry that I did not put an amount in the "sale expenses" box and the entry that I put an amount in the "sale expenses" box, and both show a net loss. The entry that I did not have amount in the sales expenses box showed only code L in column (g), and the entry that I had amount in the sale expenses box showed codes L and E. So it appears that the TurboTax software did not differentiate whether I had a 1099-S (which I do) or not, it generated code E because I put an amount in the "sale expenses" input box?
So, per my previous inquiry, with TurboTax, on the printed form 8949, it appears that the entry that I did using the investment income section and the entry using the sale of home section displayed the same dollar amounts and same code (L) on column (g). Initially I thought code "E" identified the entry was a main home sale, but it appears code E was generated because of the "sale expenses". I don't know the e-filing data would identify whether it was main home sale or second home sale based on whether I used the investment income or sale of home section to enter the transaction. If I file paper return, how would IRS know whether it is a main home sale or second home sale, since the printed entries on form 8949 look the same?
I am just curious on how TurboTax works regarding this topic. Thank you.
