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?
You'll need to sign in or create an account to connect with an expert.
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.
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.
Yes, you can add the selling expenses to the basis of your house to reduce the capital gains on the sale of the house.
3 years later and turbo tax still can't fix their typo?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rhalexda
Returning Member
obeteta
New Member
lasgal
New Member
gecko2420
New Member
Hardway
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.