You would need TurboTax Premier to report this sale under Investment Income.
- In TurboTax Premier Online, you would report this as Investment income, under Stocks, Mutual Funds, Bonds, Other.
- Say that you did sell investments in 2017, and you did not receive a 1099-B.
- Under Choose the type of investment you sold, select Second Home.
- On the next screen, describe the property and enter the proceeds and the date of sale. My advice is to enter the entire proceeds from your 1099S in this section, because that is what is being reported to the IRS.
- Next , check how you acquired it.
- Indicate if you ever used the property for business or as a rental. . If it was used for personal purposes, you will not be able to deduct a loss on the sale.
- Enter the date you acquired the property, and the purchase price. Add the closing costs to your basis, if they haven't already been deducted from your proceeds in your 1099-S. The result is the same on your taxes. Your gain or loss will be correctly computed. Just be sure to note what is included in the cost basis figure.
- The gain or loss will be calculated and categorized as either long-term or short-term.
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