IRS form 1099-S Proceeds from Real Estate Transactions may report:
- Your main home,
- A second home,
- A vacation home,
- Land,
- Residential rental property, or
- Real property recorded as a business asset.
The tax treatment of each of these transactions differ. Sale of a second home, an inherited home or land are considered investment sales.
The entry will be reported:
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
See also this TurboTax Help.
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