No, don't enter Form 1099-S in any other section of TurboTax. Instead, report each asset as "sold" and allocate the sales proceeds and selling expenses using any reasonable method. Most taxpayers use the adjusted basis at the time of the sale. Calculate the percentage of basis that belongs to each asset, then apply that percentage to the sale.
Rental Property sales are entered in two places under Rental Properties.
- Open your return, go to Tax Tools >> Tools >> Topic Search. Search on "schedule e" then click the link.
- On the Rental and Royalty Summary page, click Edit (pencil icon) beside the property you sold.
(If you didn't report this property last year, you'll need to complete all the interview questions, including setting up the asset(s) for depreciation.)
- Click Edit beside the Rental Property info.
- Under General Info: "Situations" (or on the page "Do Any of These Situations Apply?"), click "I sold or disposed of this property." Continue through the screens to the Property Rental Summary page.
- Click Edit beside Sold Rental Property.
- Go directly to your asset summary and click Edit beside the rental asset you sold.
- Continue to the page "Tell Us More About This Rental Asset" and check the box for "The item was sold..." Enter the date of the sale in the pop-up box.
- Follow the prompts to enter the sale information, using the allocations you calculated earlier.
- Repeat for each asset on the Rental Asset list.
- Continue back to the Property Summary page. Click Done and answer any follow-up questions.
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