Form 1099-S is not entered, in TurboTax, like a typical tax form, for example Form 1099-INT. Instead, the information is entered in one of several different ways, depending on the type of income.
From your information, it appears you are a real estate dealer. Real estate dealers buy and sell real estate as part of their everyday business.
Real estate dealers report their "flip" income and expenses on Schedule C.
- The sum of the sales prices will be your gross income (general income in TurboTax) and basis will be your cost of goods sold. This income will be subject not only to income taxes at ordinary income tax rates, but also self-employment taxes.
TurboTax will automatically complete Schedule C for you when you add your self-employment income in TurboTax. Schedule C gets attached to your Form 1040, which we'll also handle for you. To enter:
- Open or continue your return
- Search for schedule c and click the Jump to link in the search results
- Answer Yes to Did you have any self-employment income or expenses?
- If you've already entered self-employment work and need to enter more, select Add another line of work
- Follow the onscreen instructions until complete.
Source RayW7
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