I assume that the 1099-S refers to the sale of your main home and not a second home or a rental or investment property. The treatment is different in those cases.
If you sold your primary residence and lived in and owned the home for at least two years in the five year period before the date of sale, you can exclude up to $250,000 of gain.
If a 1099-S has been issued, you will want to report the sale on your 1040 tax return with the $315,000 as the proceeds and your cost basis as $155,000.
Follow these steps to report the sale:
- Down the left side of the screen, click on Federal.
- At the top of the screen click on Income & expenses.
- Under Your income and expenses, scroll down to Less Common Income.
- Click Start / Revisit to the right of Sale of Home.
- At the screen Sale of Your Main Home, click Yes.
You can also click on the magnifying glass in the upper right hand corner of the screen and enter ‘sale of home’. Then click on ‘jump to sale of home’.
The software will walk you through questions to report the sale of your personal home, income and expenses.
See also this help.
Mortgage interest on form 1098 will be reported as follows:
- Down the left side of the screen, click on Federal.
- At the top of the screen click on Deductions & credits.
- Under Your tax breaks, scroll down to Your Home. Click Show more to the right.
- Click Start / Revisit to the right of Mortgage Interest form 1098.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
