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Retirement tax questions
Here is how to enter a 1099-S for the sale of a vacation home in TurboTax Deluxe Desktop:
- Select the Federal tab toward the upper left corner.
- Select Wages and Income.
- Click I'll choose what I work on, on the right.
- Scroll down to Investment Income.
- Expand if needed and select Stocks, Mutual Funds, Bonds, Other.
- Click Add account.
- On the screen titled, Did you get a 1099-B for these sales? select No.
- On the next screen select, I'll enter one sale at a time.
- For description enter Vacation Home.
- For Date sold and Sales proceeds, enter the information form your 1099-S.
- For Date acquired enter the date you bought the home.
- 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.
- Click Continue.
- 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.
- Click Done.
- On the next screen select, Any loss from this sale is not deductible for reasons other than wash sale.
- Select This is a personal use property.
- Click Continue.
- Select No, if you don't have any other sales.
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ā€ˇFebruary 1, 2022
7:20 PM