office building sale in 2022 how to file transaction.

kipcoyne — Tue, 10 Mar 2026 06:58:43 GMT

Where do I file 1099-S. Does turbo tax provide form. How do I calculate profit or loss on sale of building held 22 years. Where do I claim this on turbo taxes. ty

Re: office building sale in 2022 how to file transaction.

TimS5 — Wed, 16 Nov 2022 21:07:42 GMT

Form 1099-S, Proceeds From Real Estate Transactions, is filed with the Internal Revenue Service. As to where to send the form, that depends on which state you are located in. You can find the filing locations at: https://www.irs.gov/instructions/i1099gi#en_US_2022_publink100052928 Look for D. Where to File. The form may be found on the IRS website and can either be downloaded or prepared on-line.

When you complete schedule E in Premier or a higher version of TurboTax, under the Income from Rentals or Royalty Property You Own, you will enter information as you have in the past. Once all the information is entered, you will then go the line for Sale of Property/Depreciation under this section. You will be able to select the asset sold from the asset schedule. When you reach the section "Tell Us More About This Rental Asset," you will check the box "This item was sold, retired, ..." and then enter the Date Sold in the new line that appears. Continue following through carefully reading and answering the questions. Assuming that special handling is not required, a screen will appear asking for Sales Information. Here you will enter the Sales Price and related Sales Expenses such as your realtor fees, etc. If no special depreciation has been taken your gain will be the sales price minus the net value of the building (building/land cost reduced by the depreciation allowed or allowable) less selling costs.

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office building sale in 2022 how to file transaction.

Re: office building sale in 2022 how to file transaction.