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

1099-S

MacTigger — Thu, 13 Feb 2020 17:29:20 GMT

I have TT deluxe.

I sold my primary home last year. I have a 1099-S form now.

In the Investment Income area, I click Stocks, Bonds.

I click Yes to Did you Sell any Investments...

I click no for 1099 B.

I click Everything Else for Choose the Type...

Is that right?

I sold it for 410,000 and bought it six years back for 225,000.

But then it says that I owe a massive tax bill.

I thought there was a one-time $250k exemption?

Thanks.

Mac

Re: 1099-S

MayaD — Thu, 13 Feb 2020 17:49:18 GMT

If the house sold was your primary home don't report it under Investment Income.

Follow the steps below to report the sale of primary home:

Log in to your account.
Go to Federal Taxes.
Go to wages and Income.
Scroll down to Less Common Income and click show more.
Scroll down to Sale of Home and click Revisit.

Re: 1099-S

MacTigger — Thu, 13 Feb 2020 18:19:48 GMT

When I go to Sale of Home, the Info text (Click here to see if you have to report this) seems to say that an ordinary sale of a primary home, with no oddball situation, does not even have to be reported.

Is that right?

Re: 1099-S

MayaD — Thu, 13 Feb 2020 18:25:15 GMT

You have to report the sale if you received a 1099-S.

Re: 1099-S

MacTigger — Thu, 13 Feb 2020 18:49:03 GMT

Thanks.

Re: 1099-S

MayaD — Thu, 13 Feb 2020 18:52:37 GMT

You're welcome !!