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I received 2 1099-S forms for the sale of an inherited house and farm this year. TurboTax doesn't have a 1099-S form - how do I record these sales

 
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3 Replies
JamesG1
Employee Tax Expert

I received 2 1099-S forms for the sale of an inherited house and farm this year. TurboTax doesn't have a 1099-S form - how do I record these sales

In TurboTax Online, under the search microscope in the upper right hand corner of the screen, enter 'sale of second home'.

 

Click on 'Jump to sale of second home'.  The sale is recorded as the sale of an investment.  Or you may follow these steps.

 

Click on Federal down the left side of the screen.

 

  • Click on Wages & Income down the left side of the screen.
  • Scroll down to Investments and Savings and click the down arrow to the right.
  • Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • At the screen Let's finish pulling in your investment income, select Add investments.
  • At the screen Save time and connect your financial accounts, select Enter a different way.
  • At the screen How do you want to add your docs?, select Type it in myself.
  • At the screen OK, let’s start with one investment type, click Other, land, second home, personal items, 1099-S).  Click Continue.
  • Under What type of investment…., select Second home.
  • Enter the sales information.  You may or may not have received an IRS form 1099-S.

 

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I received 2 1099-S forms for the sale of an inherited house and farm this year. TurboTax doesn't have a 1099-S form - how do I record these sales

Thanks for the reply; however, this doesn’t allow me to show a loss on the inherited property.   It’s the “2nd home” that flags as not allowing a loss.   This is not like a beach house as a 2nd home….it was inherited 8 months earlier and I had a formal appraisal to establish the cost basis 

 

ThomasM125
Employee Tax Expert

I received 2 1099-S forms for the sale of an inherited house and farm this year. TurboTax doesn't have a 1099-S form - how do I record these sales

You can choose the Land(or other investment purpose) option for the type of property sold and the loss will be allowed. That is assuming there was not any personal use of the property.

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