topic Re: 1099-s in Get your taxes done using TurboTax

1099-s

tanlongpham — Tue, 24 Feb 2026 05:37:25 GMT

Hi there,

If the Title company did not send me a 1099-s form on a sale of a property, is that mean they did not send 1099-s to the IRS also? The net of sale was less than $250000 (I'm single).

Thanks

Re: 1099-s

pk — Sun, 09 Apr 2023 22:55:45 GMT

@tanlongpham , that would be generally be true but please make sure that the title company indeed did not issue a 1099-S ( to you and to the IRS ).

Re: 1099-s

DavidD66 — Fri, 28 Apr 2023 18:35:01 GMT

If it was your primary residence and the sales price was less than $250,000, they probably didn't send one to you or to the IRS. Of course there's always a chance they did send them, and yours was lost in the mail. It won't hurt to report the sale on your tax return anyway.

Re: 1099-s

DavidD66 — Sun, 09 Apr 2023 23:05:25 GMT

If it was your primary residence and the sales price was less than $250,000, they probably didn't send one to you or to the IRS. Of course there's always a chance they did send them, and yours was lost in the mail. it won't hurt to report the sale on your tax return anyway.

Re: 1099-s

tanlongpham — Sun, 09 Apr 2023 23:34:50 GMT

I reported the sale as a rental with Long hold, the tax owe jump to $80K. I don't thing that is correct. What am I missing?

Re: 1099-s

Affordabletaxes2021 — Mon, 10 Apr 2023 00:04:19 GMT

Look at your closing package. The 1099S is likely to be in there with other closing documents.

Re: 1099-s

KrisD15 — Mon, 10 Apr 2023 00:25:10 GMT

When you sell rental property , there usually are two types of income generated.

First, Depreciation Recapture which is "Paying Back" the depreciation that you realize on the sale

Next, Capital gain if you sell for more than what you purchased the property for.

Depending on the time it was a rental, the depreciation for that time, the original basis (cost) and the adjusted basis (cost less depreciation) the sale will result in these types of incomes.

Depreciation Recapture is reported as Ordinary Income

Sale proceeds over original cost is Capital Gains.

@tanlongpham

Re: 1099-s

pk — Mon, 10 Apr 2023 02:58:21 GMT

@tanlongpham , while agreeing with the good explanation provided by @KrisD15 , just would like clarify things a bit more on this depreciation and its effects:

(a) for a residential rental property ( no matter how acquired), you are allowed to "book" a depreciation amount based on the value of the depreciable portion of the asset over a period of 27.5 years. The value of the building and its contents each may have a different class life. The land underneath the house is not depreciable asset.

(b) Whether you recognize the allowable depreciation or not ( it generally lowers your tax on the rental income as negative amount ), the yearly and allowable depreciation accumulates --- this is called accumulated depreciation of the property.

The gain/ Loss on the property is based on difference between Proceeds of the Sale and Adjusted Basis.

Adjusted Basis is the sum of Acquisition Price + plus Cost of Improvements over the years LESS Accumulated Depreciation. Thus Depreciation lowers your basis.

Proceeds of the Sale is Sales Price LESS Sales Expenses ( such a RealEstate Commission, Transfer Taxes , Sales Prep Expenses etc. ).

When you have a Gain, the part of the Gain that is Equal to Accumulated Depreciation is treated as Ordinary Gain -- normal tax rate ( marginal rate ). The rest of the Gain is given tax preferred treatment -- Capital Gain Tax rate --- anywhere between zero and 28%.

Does this explain your situation ?

Is there more I can do for you ?

Re: 1099-s

tanlongpham — Mon, 10 Apr 2023 17:06:54 GMT

Hi PK

Thank you for your detailed response. I don't know how to figure out the Adjusted Basis. I don't have the all the records of all the repairs made over the years to the house. I think I have to contact Turbotax for expert help in filing my taxes this year.

thank you

Re: 1099-s

DianeW777 — Mon, 10 Apr 2023 17:38:00 GMT

It's all right to include a reasonable figure for any capital improvements you made to the property such as a new kitchen or a new roof without actual receipts if it's evident those improvements were made. You must also account for the depreciation you could have used on these as well

Depreciation is quite simple to calculate if you know the year you placed the property in service and when you stopped renting it. The chart for all years is included below and you simply add the percentages for all years then multiply it by the original cost of the building (not the land) to arrive at the total of depreciation used, or expensed on your returns over the years.

If you still feel you need assistance, you can use TurboTax Live: How to switch to TurboTax Live

Re: 1099-s

pk — Mon, 10 Apr 2023 17:39:08 GMT

@tanlongpham , I just wanted to make sure you understood that the adjusted basis is affected by cost of improvements and NOT repairs. Repairs are included as expenses on your Schedule-E each year to offset the rental income while Improvements ( things that increase the value of the property ) are depreciated and accounted for when you dispose off the property.

I understand your desire to seek professional help .

Is there anything more one of us can do for you ?

Re: 1099-s

tanlongpham — Mon, 10 Apr 2023 19:03:47 GMT

I hate taxes! I'm even more confused. 😩

Re: 1099-s

tanlongpham — Mon, 10 Apr 2023 19:07:20 GMT

Hi Diane,

Thank you for your response. I'm way over my head regarding my sold rental in AZ. I think I have to consult TurboTax expert on this one. The chart you sent is just a bunch of numbers to me😁. I have no clue what I am looking at. I hate taxes.

Re: 1099-s

tanlongpham — Wed, 12 Apr 2023 17:28:09 GMT

I contacted the Title company and they emailed 1099-s. Now I need to figure out on how to claim that $250000 allowance to offset the CG tax

Re: 1099-s

JohnW152 — Wed, 12 Apr 2023 17:46:47 GMT

To enter the sale of your main home and claim the exclusion in TurboTax Online:

If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit.
- Otherwise, in the left pane, select Federal, then Wages & Income (This is labelled Income & Expenses in TurboTax Self-Employed)
Scroll down and select the Show more dropdown to the right of Less Common Income
Select Start or Revisit to the right of Sale of Home (gain or loss)
On the Sale of Your Main Home page, read the information in the Click here to see if you have to report the sale link to the right of Did you sell or have your home foreclosed in 2022? This will help you determine whether or not you need to report your home's sale. If you do, select Yes
Enter all relevant information on the ensuing pages
Be sure to answer correctly on the Time You Lived In Your Home page. This and subsequent pages determine whether you qualify for the exclusion.
When you're done with inputting this part of the interview, the Exclusion of Gain screen will tell you whether your gain has been excluded

You'll need to know:

The date you sold your home, and the selling price of your home. These can be found on your closing statement
The date you bought your home and the purchase price. This, too, can be found on your closing statement
The cost of any major improvements you made, so the program can deduct them for you

@tanlongpham

Re: 1099-s

pk — Wed, 12 Apr 2023 19:49:18 GMT

@tanlongpham , I am confused . You said earlier that this was a rental property that you sold. In such a case there is no US$250,000 exclusion -- that is for your principal residence that you have owned for at least two years and have used as your main residence for 24 months within the last five years from the date of sale consummation.

Is there more one of us can do for you ?

Re: 1099-s

tanlongpham — Wed, 12 Apr 2023 22:29:31 GMT

Thank you PK. It's a rental so I can't claim $250K. I bought the property in 2006 and placed it for rental in 2008 until 2022 when it was sold.

Re: 1099-s

tanlongpham — Wed, 12 Apr 2023 23:05:59 GMT

Hi John on the tap of home sale, it's for primary resident. the house I sold was a rental for 14 years of the 17 years ownership. It was bought in 2005 and was rented out in 2008.

Re: 1099-s

tanlongpham — Thu, 13 Apr 2023 01:20:21 GMT

"employee tax expert" is that mean you are an agent of turbotax?

Re: 1099-s

tanlongpham — Thu, 13 Apr 2023 22:22:38 GMT

Hi everyone again that have helping me on my 1099-s.

I was on live call with Turbotax expert last night but could not solve my concern.

I live in Fl has rental house in AZ that was sold in 2022. The house was rented for Jan and Feb of 2022 but no rental fees were collected. The tenant vacated the property with significant damages to the home.

I received subtitute 1099-s with only Box 2 in the amount it was sold.

In turbotax under Rental and Royalty I have $0 in the Rental Income tab.

In the Sale of Property/Depreciation under Your Property Assets Describe This Asset: I click on Rental Real Estate Property then Residential Rental Real Estate under Categorized this asset. The next window I input the cost of the house, cost of land and date of purchase (11/10/2005). At the next window I clicked on The item was sold and put in the sold date (08/11/2022) and the date of first started using it for business 04/1082008). The next window show amount of depreciation of 96103. The window Special handling required ask to select Yes if conditions describe my situation.

"this asset was a rental, a home office, or a home office improvement" so I click yes. The next window is back to Review of rental summery. It never ask for my 1099-s

how come? THank you