IRS form 1099-S Proceeds from Real Estate Transactions may report a number of different land-related sales. The tax treatment of these transactions differ based upon the nature of the sale. Some examples are:
- Your main home,
- A second home,
- A vacation home,
- Land,
- Residential rental property, or
- Real property recorded as a business asset.
What is the nature of the property that you are reporting? Sale of a second home, an inherited home or land are considered investment sales and the sale is reported on IRS form 1099-B.
In TurboTax Online Premier, follow these steps to report the sale:
- Click on the Search magnifying glass and enter sale of second home.
- Click on the Jump to sale of second home link.
- Click on Add investments.
- At the screen Let's import your tax info, click on Enter a different way.
- At the screen OK, let's start with one investment type, select Other and click Continue.
- At the screen Tell us more about this sale, enter the name. Click Continue.
- At the screen Now, enter one sale….., enter the information. Click Continue.
- At the screen Let us know if any of these situations apply to this sale, answer as appropriate. Click Continue.
The entry will be reported:
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
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