What you do with the proceeds will not change the taxablility of the sale ... rolling the proceeds to the next home was done away with years ago.
If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:
- Open your return.
(To do this, sign in to TurboTax and select the blue Take me to my return button.) - Type “sale of home” in the Search box.
- Select the “Jump to” link in the search results.
- Follow the screens to enter the info from your 1099-S.
Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.
Under certain circumstances, you may be able to avoid paying taxes if you lived there less than 2 years. The most common is moving due to relocating for work, but see Publication 523 for details:
https://www.irs.gov/publications/p523#en_US_2017_publink100073096
