1099-s

[yobsting]

Hi, 

I have a 1099-S form. How to I get directions on entering each line on turbo tax? I got stuck on Proceeds, Cost basis, and sales expenses. Is this the right place to enter all info? 

Thanks 

[JohnB5677 · Accepted solution]

Proceeds is the amount you sold it for

Cost Basis is what you paid for it plus any improvements

Sales expenses are closing fees, broker / attorney fees etc.

Was the 1099-S for the sale of your home?

The sale of your main home is different.

1. Start with Federal 
2. Click on Wages and Income 
3. Select Choose what I work on
4. Scroll down to Less Common Income
5. On Sale of Home (gain or loss),
6. Click the start or update button

If you sell your main home, and have a profit, 

• you may qualify to exclude up to $250,000 (if single) from your income, or 
• up to $500,000 if you file a joint return with your spouse.

IRS Sale of home exclusion

In TurboTax Online, you can enter the sale of land, or a second home by following these steps:

1. Open your tax return
2. Click on Federal in the left-hand column,
3. Then on Wages & Income
4. choose Investments and Savings and click on the down arrow on the right
5. Click on Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
6. Did you sell any investments?
   1. yes
7. Did you receive a form 1099-B or brokerage statement? 
   1. No
8. Select Other (other investment purpose) from the list of investments.
9. Follow the TurboTax interview to enter your information.
   1. If you incur sale expenses, you can subtract them from the proceeds.