It is a sale of a second home. If she paid you any rent that was less than Fair Rental Value, you must include it on Line 21, 1040. Since you received the 1099-S, you will have to report it. Once you are in your tax return, click on the “Federal Taxes” tab Next click on “Wages & Income” Next click on “I’ll choose what I work on” (jump to full list) Scroll down the screen until to come to the section “Investment Income” Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section) The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question) Since you did not receive a 1099-B, answer “no” to the 1099-B question Choose type of investment you sold - select Second Home Some basic information: Description – Usually the address of the property sold Sales Proceeds – Net proceeds from the sale (select box to input selling expenses not reported on 1099-S) Date Sold – Date you sold the property

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

samoloney77

Level 2

Solved

Bought a condo for daughter 1/26/2017 - sold it to her 12/14/2017 for same amount we paid for it - received a 1099S - how do I report these transactions?

Forum|Forum|7 years ago
June 1, 2019
4 replies
14 views

No text available

TurboTax Premier Windows

Best answer by

It is a sale of a second home. If she paid you any rent that was less than Fair Rental Value, you must include it on Line 21, 1040. Since you received the 1099-S, you will have to report it.

Once you are in your tax return, click on the “Federal Taxes” tab
Next click on “Wages & Income”
Next click on “I’ll choose what I work on” (jump to full list)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Choose type of investment you sold - select Second Home
Some basic information:

Description – Usually the address of the property sold
Sales Proceeds – Net proceeds from the sale (select box to input selling expenses not reported on 1099-S)
Date Sold – Date you sold the property

Anonymous

Answer

It is a sale of a second home. If she paid you any rent that was less than Fair Rental Value, you must include it on Line 21, 1040. Since you received the 1099-S, you will have to report it.

Once you are in your tax return, click on the “Federal Taxes” tab
Next click on “Wages & Income”
Next click on “I’ll choose what I work on” (jump to full list)
Scroll down the screen until to come to the section “Investment Income”
Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
Since you did not receive a 1099-B, answer “no” to the 1099-B question
Choose type of investment you sold - select Second Home
Some basic information:

Description – Usually the address of the property sold
Sales Proceeds – Net proceeds from the sale (select box to input selling expenses not reported on 1099-S)
Date Sold – Date you sold the property