I have done everything the discussion board says to do for entering the sale of a second home .... there is no type of sale for a second home.... only asking for 1099-B. how do I enter my 1099-S?
This is all I get - I have a 1099-S and need to include it. How do I do that?
Select that you will enter one sale at a time and enter the transaction on the following screen (as if it were the sale of a stock or bond).
If you have a loss, make sure you check the appropriate box on a following screen since losses from the sales of personal use property are not deductible.
If you have ever used the second home as a rental, you will have to use a different method to enter the sale.
It has different data boxes... and does not correlate with the sale of a second home.
@Dboersma wrote:
It has different data boxes... and does not correlate with the sale of a second home.
It has all of the data boxes you need to report the sale.
The sale of a second home is entered just like stock sales on the same screen and will be reported on the Sch D & 8949 ... there is no direct 1099-S entry screen because the IRS doesn't require it ... the sale on the 1099 just needs to be reported on the Sch D so don't get hung up on the box labels.
@tagteam I’m also stuck on this section. I sold my second home at a loss ...i filled everything out but it’s still saying I can use $3000 capital loss for 2020 and $110k to carry forward for 2021 but you had mentioned to make sure I click on the correct box since losses can’t be deducted.