1099-b being attached instead of 1099-s

[nomadicmike]

I received a 1099-s from my escrow company for the sale of a second home.  When I navigate through the TurboTax menus to report it under Investments and Savings, I eventually find a checkbox that says “Other (land, second homes, personal items) 1099-s”.  If I select this option and continue, it asks what type of investment it is and out of the dozen or so options is “Second home”.  If I select this and enter the required information, it will attach a 1099-b instead of a 1099-s. How do I report a 1099-s? 

[JulieS]

Yes, you are in the right spot. The form that is being "attached" is Schedule D, not any type of 1099. Sales of all types of capital assets are reported here, including real estate. 

This is how to report the sale of a second home in TurboTax online:

1. Select Federal from the left side menu.
2. Select Wages & Income.
3. Scroll down and look for Investments & Savings.
4. Expand the section and find Stocks, Mutual Funds, Bonds, Other and click on Start or Update to the right. 
5. Click + Add investments at the bottom. 
6. Click Continue.
7. Scroll to the bottom and click Enter a different way.
8. Select Other (1099-S), click Continue.
9. Enter a description and click Continue.
10. Select Second home form the first drop down. 
11. Fill in your information about the sale.
    
     

[nomadicmike]

Thanks Julie. The steps you mentioned are the exact steps that I have been following, but when I go to look at what has been added to my return, it is a 1099-b.  Shouldn’t it be a 1099-s?  Also, while I’m filling out the bulk of information from the 1099-s I received from the escrow company such as gross proceeds, dates of acquisition and sale, etc, it does not ask me for the filers TIN (escrow) or the account number.  

[PattiF]

The 1099-S form is used to report sales of property. The information on the form is entered into your tax return and ends up on Schedule D in the same way that a 1099-B is entered.

There is no spot to enter Form 1099-S in your return. Other tax software also does not have a location to directly enter the 1099-S. It is confusing, but the IRS uses this form to report real estate transactions. The information about the sale such as proceeds and date of sale is found on the form. You supply the cost basis and the date of purchase to enter for the sale. The IRS will have the TIN number in their records when they receive the form.

@nomadicmike 

[fanfare]

the bottom line is:

No you don't attach Form 1099-S to your filed tax return.

you attach consolidated 1099-B if you are summarizing on  Form 8949 instead of detailing on Form 8949.

IRS requires the details.

@nomadicmike