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some of my real estate taxes were paid by the buyer of my primary home upon it's sale. This was reported to the IRS on a 1099-S. How to enter into TurboTax?

 
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3 Replies
KrisD15
Employee Tax Expert

some of my real estate taxes were paid by the buyer of my primary home upon it's sale. This was reported to the IRS on a 1099-S. How to enter into TurboTax?

Are you asking how to enter the sale (1099-S) or property tax? 

If the taxes were paid by the buyer, you would not be able to claim that amount as a deduction for Schedule A.

Are you asking how to get the taxes paid out of the sales proceeds? 

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some of my real estate taxes were paid by the buyer of my primary home upon it's sale. This was reported to the IRS on a 1099-S. How to enter into TurboTax?

Turbo tax does not allow me to enter 1099-S all boxes.  So do I just deduct the taxes paid by buyer from the total paid by me provided by mortgage service co 1099?

KrisD15
Employee Tax Expert

some of my real estate taxes were paid by the buyer of my primary home upon it's sale. This was reported to the IRS on a 1099-S. How to enter into TurboTax?

Yes!

 If you paid taxes through the mortgage company and the total is on Form 1098, please subtract what the buyers paid to you at closing and enter that amount on the 1098 screen, or under 

Deductions & Credits

Your Home

Property taxes   START or UPDATE

 

Either way, it goes to the same place, Schedule A 

Just be sure not to enter twice 

 

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