Greetings, and TY in advance.
I have a "Substitute Form 1099-S" from selling a rental property (a former primary residence but rented for 15 years). However, there's no selection for the 1099-S direct inputs, and I have noted the "Sale" of the property in the rental property section of TT Premier 2022.
My concern is where do I enter the "Gross Proceeds" data, acquired/sold dates, cost of the property, and outstanding mortgage balance, to determine tax liability?
TY, Franklin
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Form 1099-S (or a substitute 1099-S) is not entered in TurboTax like a 1099-INT form or a W-2 so you won't find an entry screen specifically for the 1099-S form. The information on the form is used to report the sale.
Outstanding mortgage balance does not factor in your rental sale profit or loss.
As you go through the Rental Sale interview, TurboTax will ask you to confirm prior depreciation. The amount of prior depreciation will be shown. It should not be 0.
In TurboTax, you have to indicate you sold the rental property in both the Property Profile section and the Assets/Depreciation section of the program. You will be prompted to enter sales information during the interview in the Assets/Depreciation section of TurboTax. Each asset needs to be sold and assigned a portion of the sales proceeds.
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