Sold a rental property but can't put in 1099-s

[Jolfa]

Hi All

I bought a condo using HELOC on my home back in 2020 when my son went to college. He lived there along with two other boys who paid rent to us. I treated it as a rental property in my taxes for 2020, 2021, 2022, and now 2023. I reported all the rent I collected as well as all the taxes/interest/condo fees/expenses I paid for the condo. We sold it in August 2023 for a "profit" and have gotten a 1099-S from the buyer's lawyers.

When using TurboTax this year, I put all the information for "sold rental property" and put all the sale price, when bought, depreciations,... But it never asks for 1099-S info. The only place I can put the 1099-S is when I choose "sold secondary home".

I see all the information is in the Form 4797.  Is this enough or will IRS tag it for not reporting 1099-S?

Thanks in advance

Jolfa

[DianeW777]

You are good and it is enough.  The 1099-S is not an entry from in TurboTax, likely for that exact reason.  It can be used for a main home, second home and of course rental property and other real estate.

As long as you have reported the sale for each asset in your rental activity then you should see all of your gain on the 4797 as you indicated. It's all you needed to do.