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ssmith8523
Level 3
Apr 10, 2023 6:28 PM UTC
Solved

1099-S flip house

Hi,

I flipped a house and made a small profit. The settlement company sent me a 1099-S for the sale price of the house. I reported it under Investments, but TT is using language as if it was a stock investment.  Where is the correct place to report the sale price and costs associated with the renovation?

 

Thank you.

    AmyC
    AmyCAnswer
    Alumni - Intuit
    Apr 10, 2023 9:39 PM UTC

    You are correct to report it on sch D as an investment. This is the same place as stocks and other investments. 

     

    You would have followed the steps in Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

     

    You want to view your Sch D to see if you have a carryover loss and verify the sale was reported correctly. You will see a gain or loss showing on your Form 1040, line 7.

    To see your forms and locate Sch 😧

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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    1 reply

    AmyC
    AmyCAnswer
    Alumni - Intuit
    Apr 10, 2023 9:39 PM UTC

    You are correct to report it on sch D as an investment. This is the same place as stocks and other investments. 

     

    You would have followed the steps in Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?

     

    You want to view your Sch D to see if you have a carryover loss and verify the sale was reported correctly. You will see a gain or loss showing on your Form 1040, line 7.

    To see your forms and locate Sch 😧

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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