Get your taxes done using TurboTax

There is no section in TurboTax to directly enter the information from the 1099-S. This is also the way that other tax programs are coded for other software including Ultra Tax and other tax software used by accounting firms. Form 1099-S is used to report the proceeds from the sale or exchange of real estate and certain royalty payments. This includes transactions that consist of sale or exchange for money, indebtedness, property, or services of any present or future ownership interest in: Improved or unimproved land, including air space.

You will enter the information from the 1099-S and your information about the date of purchase and the cost basis of the home that you have from your records. 

Here is a TurboTax Help article with instructions for entering this into your tax return using the Desktop version of TurboTax.  Use the exact search term in the instructions.

In the Home & Business version of TurboTax Desktop, you would enter the 1099-S from the timber sale using these steps:

• Click on the Wages & Income tab
• Next click on I'll choose what I work on
• Scroll down the screen until you come to the section Investment Income
• Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
• The first screen will ask if you sold any investments during the year, answer
• Did you get a 1099-B or a brokerage statement for these sales? Answer No
• Tell us about this sale, Click I'll enter one sale at a time
• The drop-down boxes can be filled out with the details of the second home sale

1. Description - Second home, address
2. Date sold - on 1099-S
3. Date acquired - from your records
4. Sale proceeds - on 1099-S
5. Cost basis - initial purchase price plus expenses of the sale