I have a 1099s from a sale of real estate. Where do I enter it in turbo tax

[twendland32]

this real estate was vacant land, not our home.

[DoninGA]

To enter an investment sale -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

Using the online editions -

On the screen Did you have investment income in 2024? click on Yes

On the screen Let's import your tax info click on Enter a different way

On the screen OK, let's start with one investment type, select Other and Continue

On the screen Tell us more about this sale enter a Name and Continue

On the following screen select the type of investment sale on the dropdown What type of investment did you sell?

Continue with this section until it completes.

[JamesG1]

IRS form 1099-S Proceeds from Real Estate Transactions may report the sale of land held as an investment.

In TurboTax Premium Online, follow these steps to report the sale:

• Click on the Search magnifying glass and enter sale of second home.
• Click on the Jump to sale of second home link.
• At the screen Let's finish pulling in your investment income, click on Add investments.
• At the screen Let's import your tax info, click on Enter a different way.
• At the screen OK, let's start with one investment type, select Other and click Continue.
• At the screen Tell us more about this sale, enter the name.  Click Continue.
• At the screen Now, enter one sale….., enter the information.  Select Land (other investment purpose).  Click Continue.
• At the screen Let us know if any of these situations apply to this sale, answer as appropriate.  Click Continue.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

@twendland32 

[Pager1979]

Where do I enter the income from a 1099-s proceeds from real estate transactions into my business LLC tax return in the turbotax business desktop edition? We are a general contractor so we built a spec house and then sold a spec house.   The income from the 1099-s will be less after we report our expenses to build, if that matters in all this. 

[PatriciaV]

The sale of a spec home is reported under Investment Income >> Capital Gains or Losses. You must calculate your basis in the property to report the sale.

When you build a spec home, all the direct and indirect costs are accumulated. These costs are called the basis of the property and cannot be deducted until the home is sold. The costs that must be included in the basis of the home are:

•     Land
•     Materials
•     Labor, and
•     Allocated indirect costs (See table of indirect costs in the reference below)

Thus, the income is reported and the basis deducted in the year the home is sold.

See IRS Home Construction Contracts