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Sold our home and adjoining vacant lot. IRS pub 523 says "treat as a single transaction" we received 2 form 1099-S. How do you enter in TurboTax as one transaction?
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April 2, 2020
8:54 AM
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Deductions & credits
It doesn't matter that you received two 1099-S forms, just add the values together. There is not an actual 1099-S entry form in TurboTax. You can enter the sale of your home (and vacant lot) using these steps:
- On the Wages & Income screen, in the Less Common Income section, click the Start box next to Sale of Home.
- On the Sale of Your Main Home screen, select Yes.
- On the Sold a Home screen, note the information you'll need to answer and click Continue.
- Continue through the screens, answering the interview questions. As you go through the screens, you can get additional help by clicking on the blue links that appear. [See screenshot #1 below.]
- On the Tell Us About the Purchase of Your Home screen, we recommend you click on the Easy Guide box to help you calculate the Adjusted Cost Basis of your home. [See screenshot #2.]
April 2, 2020
9:40 AM
400 Views