If you already filed your income tax return(s) and they were accepted, you'll have to amend your income tax return. See How to amend (change or correct) a return you already filed.
To enter form 1099R, see Where do I enter my 1099-R?
If you sold personal property, losses from personal property cannot be claimed as a deduction on your taxes.
If you sold property held for investment purposes, you may be able to deduct the loss on your taxes.
Regardless, to enter the information on your tax return:
If your 1099-S wasn’t for the sale of your main home, select the option below for step-by-step instructions:
If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:
- Open your return. (To do this, sign in to TurboTax and select the blue Take me to my return button.)
- Type sale of home in the Search box.
- Select the Jump to link in the search results.
- Follow the screens to enter the info from your 1099-S.
Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.
