Where do I add a 1099-S (proceeds from real estate transactions)?

[MarilynG]

If you're using TurboTax Online, go to Wages & Income > Stocks, Bonds, Mutual Funds, Other.   If you have already entered other investment sales, choose 'Add More Sales'.  

On the next screen, choose 'Other' (screenshot) and Continue.  The next screen asks for 'name of person or financial institution' (you could enter 1099-S and the bank name here).

Click this link for more info on How to Enter a 1099-S. 

@vhop655194

[nomorenewusernames]

Your response is helpful - however, I am hoping you might know this: I sold my main home in 2021, received a 1099-S. My property included a separate dwelling that I used as a rental and have reported rental income and received depreciation for 4 years. On TurboTax, I think I need to split the 1099-S process of reporting for capital gains into 1) the portion attributable to my main home and 2) the portion attributable to the rental space - my SPECIFIC QUESTION is: do I do this using both the "sold my home" section AND the "sold my business" sections? (I've already worked completely through the 3 worksheets in IRS publication 523 and I have all the numbers needed - I'm just unclear which options on TT to use to input this data...any help is appreciated.

I spent over an hour on the phone yesterday with a TT "tax expert" who clearly did not know the answers.  It was a nightmare.

[LeonardS]

Yes, if you were using and reporting a separate dwelling as rental property that was included in the sale you will report the sale as two transactions.  One for the rental dwelling the other for the main home.  The 1099S is an informational form so you may divide the gross sale amount between your main home and the rental portion.  

To report the sale of your main home follow these steps:

1. Open or continue your return in TurboTax
2. Search for home sale
3. Select the Jump to link in the search results
4. Answer Yes to Did you sell or have your home foreclosed in 2021? on the Sale of Your Main Home screen
5. Follow the instructions to enter your info

To report the sale of your rental follow these steps:

1. With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
2. Answer Yes to the question Did you have any income from rentals or royalties?
3. When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
4. When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
5. Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review your rental property info screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)

This link https://I sold my rental property. How do I report that? has information you may find useful

[nomorenewusernames]

Leonard,

Thanks!  You've made my day! This is exactly the info I was needing.

I noticed the link you included doesn't work but I'm assuming I can type that phrase into a search space and get to it?

Thanks again.

[nomorenewusernames]

Well - I'm back on turbotax and the "Jump to" option is not visible/available.  So, I went to the section in Income for Home Sale and input the main home info and it is telling me I'm not eligible for the exemption.  Clearly I am. I am totally stumped and considering leaving turbotax for this tax year bc the deadline is looming and I need a system that will calculate this right.

[nomorenewusernames]

Disregard my post about the capital gains exemption.  I went back, wiped out all the data, started over and this time it calculated property.  Now - the NEW PROBLEM is it thinks I should DELETE  the rental property (even though I did mark that I sold it) because I did not rent it at all in 2021.  So, AGAIN I am stumped. 

And definitely, there is no "Jump to" in any search results that I am seeing....

[Docw156]

I'm working on my taxes right now. I'm almost done with them I am stuck with trying to input the proceeds from the sale of some land sold in NC. I have the 1099-s bu when I go to the form its not taking me to the part to input the proceeds I received from the sale. Can you help me

[RobertB4444]

Go to the 'Income and Expenses' section.  If the property that you sold was used for business then go down to 'Other Business Situations' and Sale of Business Property.'  If the property that you sold was your primary residence or a secondary home then you will go down to 'Less Common Income' and 'Sale of Home'.

@Docw156

[lhinkle]

First, I am not a tax expert, but I know that proceeds from the sale of secondary property should generate a Form 8949 that captures the sale details.  I am using Turbo Tax Premier; different versions of Turbo Tax will most likely be a little different.  In the ‘FEDERAL TAXES’ tab, select ‘Wages & Income’.  Select ‘I’ll choose what I work on’.  Under the ‘Your 2021 Income Summary’ I have the following sections:

• Import Summary
• Wages and Salaries
• Unemployment
• 1099-MISC and Other Common Income
• Interest and Dividends
• Investment Income
• Retirement Plans and Social Security
• Rental Properties and Royalties
• Less Common Income

In the ‘Investment Income’ section, select Start/Update for ‘Stocks, Mutual Funds, Bonds, Other’.  Select the ‘Add More Sales’ tab.  When asked ‘Did you get a 1099-B or a brokerage statement for these sales?’, select “Yes”.  You can now import or enter the brokerage information as supplied on the 1099-S.  The Sale Category may not be supplied on the 1099-S, I used category F because mine was a long-term sale of a secondary home that was not used for business income and was not reported using a 1099-B.  This generated the appropriate Form 8949.

Your circumstances might be different if the property was used for business.  Also, if a gain was realized you might have a N.C. tax liability; I’m not sure.

Good luck,

[KrisD15]

If you go to the Investment section under income and select "No" to having a 1099-B you can enter the sale and list it as land or any other property it may have been.

@Docw156

@lhinkle

[annettesmallwood]

How do I enter 1099-s for sale of rental property

[sriramganesan]

Turbo tax is one of the stupidest software products I've come across in my life. I spent hours to find out where exactly should I enter the information, adjusting the basis  and other expenses. Let alone, it was a nightmare to use the downloaded version of turbotax. Look how the company makes the software that calls for multiple expert help calls and frustrations. Someone should take responsibility in the company. Addressing ease of use and thinking through every scenario.  Blogs talk about steps and if you follow the same steps you would get nowhere.

I got stuck to turbotax as I've been using it for a few years and all the data is here.  May be I should switch to H&R by importing turbo tax docs 

[pk]

@sriramganesan  -- this is very long and old thread and perhaps  you should consider posting/ starting a new thread with the details of your  situation / frustration.  I sense your frustration but don't know what you are trying to do  -- did you sell  an income property or your residence? Did you get a 1099-S ?  In which state?  or is it abroad ?  Should I assume that you are a US person ( citizen/ Green Card/ Resident for tax purposes )?  Please tell me more of the situation and perhaps one of us help clear up  or atleast ameliorate your pain -- yes ?

Namaste ji

pk

[Hal_Al]

@sriramganesan  You're not "stuck to TurboTax".  Most of the download tax prep programs have the ability to transfer data from competing software.  I remember transferring from H&R Block to TT, 15 years ago!  Surely, its only gotten easier since then. 

[deb1974]

WHEN I PUT 1099-S IN THE SEARCH BOX I DON'T GET THE OPTION TO JUMP TO .