Where should I enter info on $1600 that my spouse received from a potential buyer of her townhome that eventually fell through? This $ was for the next month's mortgage.

The money was paid by a check from the escrow company with the closing statement stating "Closing Proceeds".

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1 Best answer

Expert Alumni

Jun 5, 2019 11:47:36 PM

You need to report this amount as Other Reportable Income.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to All Income, locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More

On the next page, click Start next to Other Reportable Income (see attached screenshot).

Expert Alumni

Jun 5, 2019 11:47:36 PM

You need to report this amount as Other Reportable Income.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to All Income, locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More

On the next page, click Start next to Other Reportable Income (see attached screenshot).