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

1099-S Software issue?

mbterif — Wed, 17 Mar 2021 21:23:50 GMT

I am attempting to enter my 1099-S info for the sale of a 2nd home. When I answer "No" to the question "Did you get a 1099-B or brokerage statement for these sales?" it still takes me to the 1099-B section/form. Is this a know software problem? I'm not able to get to the 1099-S questions/form. Thanks for any help.

Re: 1099-S Software issue?

rjs — Wed, 17 Mar 2021 21:39:47 GMT

TurboTax has stated that they are not going to have a special screen for the sale of a second home this year. But you don't need that screen. Report the sale as an investment sale for which you did not get a 1099-B, in the same place that you would report a sale of stock.

For the description, enter "Second home" or "Inherited home."
If you sold an inherited home, enter "Inherited" for the date acquired.
For the holding period select "Short term (Box C)" or "Long term (Box F)," depending on whether or not you owned it for more than a year. An inherited home is always long-term, no matter how long you or the deceased actually owned it.
On the screen that says "Select any less common adjustments that apply," check the box that says "Any loss from this sale is not deductible. . . ." Then select "This is personal use property" as the reason.

Re: 1099-S Software issue?

ThomasM125 — Wed, 17 Mar 2021 21:40:37 GMT

You need to enter the same information you would have to enter if you received a 1099-B form for the sale of a second home. The important things to enter are the date purchased, date sold, proceeds and cost basis.