JulieS
Employee Tax Expert

Retirement tax questions

Here is how to enter a 1099-S for the sale of a vacation home in TurboTax Deluxe Desktop:

  1. Select the Federal tab toward the upper left corner.
  2. Select Wages and Income.
  3. Click I'll choose what I work on, on the right.
  4. Scroll down to Investment Income.
  5. Expand if needed and select Stocks, Mutual Funds, Bonds, Other.
  6. Click Add account.
  7. On the screen titled, Did you get a 1099-B for these sales? select No.
  8. On the next screen select, I'll enter one sale at a time.
  9. For description enter Vacation Home.
  10. For Date sold and Sales proceeds, enter the information form your 1099-S.
  11. For Date acquired enter the date you bought the home.
  12. For Cost basis, enter the amount you paid for the property plus any major improvements and the closing costs that you paid on both the sale and the purchase.
  13. Click Continue.
  14. On the screen titled, Any of these less common items for this sale? you shouldn't need to enter anything unless income tax was withheld from your real estate transaction.
  15. Click Done.
  16. On the next screen select, Any loss from this sale is not deductible for reasons other than wash sale.
  17. Select This is a personal use property.
  18. Click Continue. 
  19. Select No, if you don't have any other sales. 
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