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Deductions & credits
Thanks, Mike9241. I agree. Pretending to receive a 1099-B is a workaround but it is still a glitch in the Software. This section is definitely different than it was in past years. I have been using TurboTax for years and I have had other sales of Real Estate held as an Investment (not for Personal Use). In past years, this Investment section has allowed me to state that I was selling Something Else. But in 2021, the only option is to report the Sale of Investment Real Estate as if it were the Sale of Stock. I reached out to TurboTax yesterday by phone and they agree that this section is not working the way it should. As a matter of fact, when you click on Learn More in this section:
What are Investment Sales?
Investment income is from selling various investment properties, such as:
- Stock shares
- Mutual fund shares
- Bonds
- Real estate, second home or land (not your main home)
- Property not used in a business or as a rental
- Collectibles, such as coins, stamps, antiques, and art work
- Other personal investments
What Paperwork Do I Need?
- This income is usually reported on Form 1099-B or on a consolidated broker's statement.
- The income from the sale of land or a 2nd home is usually on Form 1099-S.