topic Do I have to report my 1099 s in Get your taxes done using TurboTax

Do I have to report my 1099 s

m-deno — Tue, 04 Jun 2019 18:38:17 GMT

I read where you only have to report if your gains were more then $500,000 filing jointly. My home sold for $469,000, so I obviously didn't exceed the 500K.

But since Chicago Title sent me a 1099 s, does that mean the IRS got one also and are looking for me to file? Am I ok not to file?

Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

TomK — Tue, 04 Jun 2019 18:38:18 GMT

Yes, you must report your 1099-S.

Pub 523 (pg. 16): https://www.irs.gov/pub/irs-pdf/p523.pdf

Reporting Gain or Loss on Your Home Sale

Determine whether you need to report the gain from your home. You need to report the gain if ANY of the following is true.

You have taxable gain on your home sale (or on the residential portion of your property if you made separate calculations for home and business) and do not qualify to exclude.
You received Form 1099-S. If so, you must report the sale even if you have no taxable gain to report.
You wish to report your gain as taxable gain even though some or all of it is eligible for exclusion. You may wish to do this if, for example, you plan to sell another property that qualifies as a home within the next two years, and that property is likely to have a larger gain. If you choose to report, rather than exclude, your taxable gain, you can go back later and undo that choice by filing an amended return, but only within 3 calendar years after the year of sale.

Please see this TurboTax FAQ for instructions on how to file your 1099-S (Proceeds From Real Estate Transactions): https://ttlc.intuit.com/replies/3302480

Re: Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

greener6095 — Mon, 20 Apr 2020 00:26:05 GMT

So if this person reports the Form 1099-S, wouldn't the IRS assume this person was opting to choose to pay these taxes (perhaps assuming this person maybe wanted to use the exclusion on a different property or something)? In other words, how do you communicate to the IRS that you meet the requirements of the exclusion and want to take it when you report the Form 1099-S?

Re: Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

fanfare — Mon, 20 Apr 2020 04:42:13 GMT

Turbotax assumes you want the exclusion and gives it once you successfully answer the qualifying questions.

Re: Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

las6 — Mon, 27 Jun 2022 18:35:57 GMT

Where do I report a 1099-s. I have one/third acre, land only, no structures.

Re: Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

fanfare — Mon, 27 Jun 2022 19:01:08 GMT

@las6

There is no panel for 1099-S.

You report the sale the same way, with or without a 1099-S.

Re: Yes, you must report your 1099-S. Pub 523 (pg. 16): https...

Critter-3 — Mon, 27 Jun 2022 21:55:43 GMT

https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/enter-sale-second-home-inherited-home-land-2021/L7tUghudI_US_en_US?uid=l4xa3qha