@IsabellaG , you seem to have a good knowledge of completing 1099-S for those who are Real Estate Dealers.
1. I am trying to figure out how and where to fill in a 1099-S sent to me from Title company on a house (Property A) that I flipped under my LLC. The gross proceeds (#2 on 1099-S) show a number which is much higher than what i actually earned, because the property still had a mortgage and most of it was sent to the original lender.
This specific property was a flip. But I am not sure where to indicate this, and add all of the cost it took to get it up for sale.
2. [TurboTax Desktop Home & Business (MAC) ... To Clarify, I am under section...
Business > LLC Real Estate Business >> Business Income > General Income > "Any General Business Income?"
Question: If you have income from sales or services not reported on forms 1099-MISC or 1099-G, enter below.
I only see a text box to fill in Description and Amount.
Is there I type in 1099-S and the amount of gross proceeds on box #2?
3. If I have other properties that I sold (Property B-D) , with no 1009-S issued, and its is income I earned from a flip, how and where do I document those?
4. I bought (Property A) end of 2018 and sold in April of 2019. I am not sure what to put under "Your Beginning Inventory for 2019 should be the same as your ending inventory for 2018." There is tick button to push, but not sure as to what I should list. Is there where I type in the Gross Proceeds?
I also don't understand how to differentiate from one flip to an other. Do we add a "New Business" for each property flip that I do under my LLC?
None of these were rentals.
You help, thoughts and advice will be very helpful.
Thank you
Alex
