Sounds like you are using the desktop software but getting instructions for the Online version of TurboTax. There is no screen in either version that has a 1099-S entry screen, so you have to take the information from your 1099-S and enter it as an investment sale. Many home sales do not generate a 1099-S, so TurboTax only requests the information that is necessary to calculate the gain or loss on the sale.
You need the same information to report the sale of capital assets whether it was land, stock, bitcoin, vacation home, etc. Pretty much everything other than the sale of your main home (that gain can be excluded) is reported as an investment sale.
Whenever you sell a capital asset held for personal use at a gain, you need to calculate how much money you gained and report it on a Schedule D. Depending on your situation, you may also need to use Form 8949. Capital assets held for personal use that are sold at a loss generally do not need to be reported on your taxes. The loss is generally not deductible, as well.
The gains you report are subject to income tax, but the rate of tax you’ll pay depends on how long you hold the asset before selling. If you have a deductible loss on the sale of a capital asset, you might be eligible to use the losses you incur to offset other current and future capital gains. TurboTax will use the data you enter in the investment section to do all of this for you.
- Capital gains and losses are generally calculated as the difference between what you bought the asset for (the IRS calls this the “tax basis”) and what you sold the asset for (the sale proceeds).
- Certain assets can have "adjustments" to the basis that can affect the amount gained or lost for tax purposes.
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