Where do I enter a 1099-S form?

[armstrongdenise43]

We sold land in September of 2024 and received a 1099-S from the lawyer of the buyers. Where do I enter this information to report unpaid taxes?

[DianeW777]

This will be entered as a sale of investment property. Use the information below to enter this sale in your tax return.  Keep in mind there is no specific form entry for Form 1099-S.

To enter your sale in TurboTax, follow these steps. 

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
   • Click this link for more information. Where do I enter Investment Sales?

[DaveMout]

Will there be a place to fill in the 1099-S for the IRS?

thanks.

[KrisD15]

Form 1099-S is used to report a sale, but where to enter the sale in TurboTax depends on what was sold. 

Was this personal or business or investment?

House or land only? 

[DaveMout]

it was a rental property. real estate.

[KrisD15]

Were you reporting Schedule E for the rental?

If yes, here are the steps to report the sale. 

You will use your Form 1099-S as a guide, but it is not entered as a form, there is no Form 1099-S entry screen. The IRS will match their copy to the sale you report.

Enter all the 2024 income and expenses for that rental first

Go to the "Property Profile" section, and select "I sold this rental in 2024" on the “Do Any Of These Situations Apply To This Property?" screen.

Continue through that interview but do not leave the Rental Section

Scroll down to Sale of Property/ Depreciation

(if you don't see Sale of Property/ Depreciation you didn't select "I sold this rental in 2024")

Yes, I want to go to my asset summary 

Select EDIT for the property

Continue through this interview and be sure to select on the "Tell Us More About This Rental Asset" screen ALL- 

I purchased this asset (if appropriate)

The item was sold

Yes or No to 100% use

Continue through the interview and report the sale

Allocate the sale proceeds to the property and the land, as well as any additional assets listed for that rental

Sale proceeds over cost will be capital gain (capital gain tax rate)

DEPRECIATION RECAPTURE will be Ordinary Income (your tax rate)