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jennmassi
New Member

How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

The only box available is for net proceeds. Do I calculate this myself and enter THAT amount? Or do I enter the GROSS amount that the 1099-S states, which is a WAY over inflated number compared to what I actually received.  ALSO, I already had to fill out forms to have taxes withheld from the proceeds, so some money has already been withheld by the state. Where do I enter this?

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5 Replies
PatriciaV
Employee Tax Expert

How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

When you receive Form 1099-S, you must enter the gross amount shown in Box 2 as "net proceeds" (this field name is a quirk in that section of TurboTax).

Be sure to check the box for "I have selling expenses not reported..." in order to enter all your selling expenses (see screenshot below - click to enlarge).

Also, click the box for "Income taxes were withheld for this sale" to reveal the drop-down boxes for Federal and State taxes you've already paid.

You may have received far less cash from the sale because mortgage payoffs, property taxes, and other pro-rated or loan-related costs are not deducted when calculating gross proceeds.

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How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

would
Tabil
New Member

How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

The box I have with TurboTax Premier 2019 labeled simply "Proceeds".

There is no box labeled "I  have selling expenses not reported"

I see no way to enter selling expenses.

DaveF1006
Expert Alumni

How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

Yes, you can add the selling expenses to the basis of your house to reduce the capital gains on the sale of the house.

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How do I enter net proceeds in the second home sale section when I only have a 1099-S showing gross proceeds?

3 years later and turbo tax still can't fix their typo?

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