1099-S flip house

[ssmith8523]

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 · Accepted solution]

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 D:

• In desktop, switch to Forms Mode. 
• For online, see How do I preview my TurboTax Online return before filing?