I'm trying to enter info on the sale of my 2nd home. My 1099-S lists gross proceeds, Turbo Tax is asking for net proceeds. Where do I get the net proceeds amount?

[ChrisJ · Accepted solution]

If your Gross Proceeds on the 1099-S has already reduced the sales expenses, you can then enter the same amount under the Net Proceeds. In most cases the amount Gross Proceeds amount has already been reduced by any fees or commissions.

However, if you need to report fees, commissions, or other sales expenses that were not subtracted from the proceeds reported on Form 1099-B, you can enter these expenses under the blue link sales expenses, below the Net Proceeds on the screen. Please see attached image.

[LB641]

would be nice if Turbo tax could correct that area by adding a Gross, as the 1099-S only documents GROSS not Net. But TT asks for NET. So we have to enter GROSS in where it asks for NET. Fixable.

[chodgins]

Gross is what I received from the sale on my 1099-S.  What about what I paid for the property???  Buying it in the first place was absolutely an expense...!

[michael374]

wow! 3 years later and TT still hasn't corrected their error. Same issue