Received 1099-S for sale of investment property, using 2024 Turbotax Home & Business, it's having me enter it under Form 8949 as 1099-B? Is it correct?

[lbfc11]

was expecting form 4797

[JamesG1 · Accepted solution]

IRS form 1099-S Proceeds from Real Estate Transactions may report:

• Your main home, 
• A second home, 
• A vacation home, 
• Land,
• Residential rental property, or
• Real property recorded as a business asset.

The tax treatment of each of these transactions differ. Sale of a second home, an inherited home or land are considered investment sales.

The entry will be reported:

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

See also this TurboTax Help.

[Mike9241]

If it as not business property, including rental property, since there would be no depreciation  there would be no 4797.  if it was depreciated in the past then left vacant and removed from your return,  then your entries must included the depreciation previously taken whci might require restoring schedule E.

on the other hand if the property is being reported on schedule E, depreciated property,  the sale needs to be entered through that section in Turbotax, not the investment section.  

[lbfc11]

Thanks for your prompt response!

It is a flipped property and I'm using home & business version, step by step process led me to adding investment under personal income, but the 1099-S  Other options (land, second homes, personal items) does not have this kind of investment property.   Am i missing something or just need to enter it manually in schedule D?

[Axata58]

Did you ever receive an answer for how to present a house flip? I am in the same situation.

[KrisD15]

Is this a one-time thing or your business? 

Do you file Schedule C? 

[lbfc11]

Not from this post. I rephrased and posted another question. You can search for this to get the response, hope it helps: 

Where to report sale of an investment real estate property under single owner LLC.

[AmyC]

A house flip is a sch C. You bought the house and held it as inventory while you renovated it. When you sell it you enter the cost, expenses to improve and sales price.

Reference:

•  Where do I enter Schedule C?
• Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...