First, I am not a tax expert, but I know that proceeds from the sale of secondary property should generate a Form 8949 that captures the sale details. I am using Turbo Tax Premier; different versions of Turbo Tax will most likely be a little different. In the ‘FEDERAL TAXES’ tab, select ‘Wages & Income’. Select ‘I’ll choose what I work on’. Under the ‘Your 2021 Income Summary’ I have the following sections:
- Import Summary
- Wages and Salaries
- Unemployment
- 1099-MISC and Other Common Income
- Interest and Dividends
- Investment Income
- Retirement Plans and Social Security
- Rental Properties and Royalties
- Less Common Income
In the ‘Investment Income’ section, select Start/Update for ‘Stocks, Mutual Funds, Bonds, Other’. Select the ‘Add More Sales’ tab. When asked ‘Did you get a 1099-B or a brokerage statement for these sales?’, select “Yes”. You can now import or enter the brokerage information as supplied on the 1099-S. The Sale Category may not be supplied on the 1099-S, I used category F because mine was a long-term sale of a secondary home that was not used for business income and was not reported using a 1099-B. This generated the appropriate Form 8949.
Your circumstances might be different if the property was used for business. Also, if a gain was realized you might have a N.C. tax liability; I’m not sure.
Good luck,
