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

[DianeW]

The Form 1099S is entered into TurboTax by using the steps shown here.

Form 1099 S is entered in the Less Common Income section of Turbo Tax (online or desktop).

1. Select Federal Taxes
2. Select Wages and Income
3. Scroll down and select Show More at Less Common Income
4. Select Start at Sale of Home
5. The program will prompt you on how to handle if this home or property was not your primary residence. 

Another option if this is not your home you can use these steps.

1. In the search box, upper right
2. Search for 1099s, sale of property other than main home
3. Jump to 1099s, sale of property other than main home
4. Continue to follow the screens to enter your sale

[m-sangwin]

Yes, I've done that, but after I enter the gross sale price from teh 1099-S in "Proceeds" and basis, it says "All done" and never asks me for the expenses for the sale.  I could put the net (after expenses) sale price in the proceeds section, but since I have a 1099-S, the numbers won't match.

[VictoriaD75]

On the screen for Sales Information, you enter the Sales Expenses regardless of 1099-S.

The instructions on the screen state Enter the information below as found on your Form 1099-S. The sales expenses won't be on Form 1099-S, but look for this on your closing statement (also called "settlement statement" or "sales contract").

[m-sangwin]

I can see those instructions in the section for sale of a principal residence, but I'm trying to enter the sale of a second residence. 

If I follow the instructions specifying that I put that sale in the "Investment Income" section, I select "Investment Income"--->"Stocks, Mutual Funds, Bonds, Other"--->"No" I didn't receive a 1099-B---> and then on the " Now we’ll walk you through entering your sale details"  screen, there's a spot for "Proceeds", with "Learn More" remarks that include, "...In most cases, your proceeds amount already has fees and commissions subtracted out of it, but if it doesn't you should enter them later when we ask about any sales expenses.".  My proceeds amount on the 1099-S doesn't have the fees and commission subtracted out of it, but I can't find a place to enter those fees.  There's no place on that screen to put them, and there's no follow-on screen.  Selecting "Continue" completes the entry and kicks me back to the screen to enter another sale.

[MayaD]

Enter the amount from your 1099-S as the net proceeds and add the costs of sale to the cost basis of your second home. So, the gain or loss will be what you made on the sale.

[davejones39]

I'm using T-T Home & Business.  I always open to FORMS IN MY RETURN.  I see none of the things mentioned here. 

Federal Taxes?  No such label.

Wages & Income?  No such label.  Type WAGE in find forms & it sends me to 1040. 

Scroll down to Less Common Income.  Scroll down on what?  Is there a line number on some form? 

"In the search box"  There is no FIND or search box on the form pages I'm on. 

I need to learn how to get to START.  I'm not working from the pages referenced here. 

[JamesG1]

In the upper right hand corner of the screen, click on Step-by-Step.

This takes you to a view of TurboTax similar to the online versions.  You should find the screens that you are looking for there.

H & B allows you to go back and forth between the two views to see what the Forms look like after you have input them under the Step-by-Step questions.

In the upper left hand corner of the screen, click on File / Open tax return to arrive at the Start position.

[davejones39]

Step-by-Step confirms my name & address & other personal info.  I'm still not seeing anything that will let me SEARCH & FIND info on inserting 1099-S data. 

[MaryM428]

Here are the Directions for Entering 1099-S.  Follow the links in the article for your property transaction.

[davejones39]

It wasn't as straightforward as entering data from a 1099-INT or -DIV.  I put some numbers in & my refund went down.  That's a good sign.  I'll look more closely to see where the numbers went later.  (I have no idea where the numbers I typed in are in my tax return.) 

The TurboTax software was not at all helpful in working this out. The community respondents were very helpful. 

Thank you. 

[Anonymous]

Dave, if you "upgrade" to online Premiere (+$30), works like the help site I linked below.

NOT so much with the CD/Download version.

So now it's 2020 taxes, I purchased TT 2020 Deluxe from 3rd party.  I also have a 1099-S (sale of real estate, inherited). I found these directions on your help site.  This works very well and easy on the online version which requires TT Premiere as I completed online, easy 100% correctly.  BUT the CD/Download version is different, after upgrading to Premiere, it's still the same crap with 1099-B, nothing like the on-line version the 100% correct, 100% accurate.  WHY is the CD/Download and online versions even different?  Very deceiving.

Here's what I'm looking for:

1.  a "service code" to finish the online federal taxes (not paying another $70, sorry).
2.  or at least my $30 refunded for Premiere upgrade, as I could do this less than accurate way with Deluxe.

[geneagray]

I did as you suggested but I did not see a prompt on "how to handle if this home or property was not your primary residence." 

1099-S was not listed on the summary page as an option.

When I searched for "rentals," there was no "jump to." I used the search many times, but it is so confusing.

I have TurboTax Premier.

This is so confusing.

[geneagray]

If the informaition requested is not on the Form 1099-S, then TurboTax should NOT ask for it this way.

Fix the program, please.

[AmyC]

@geneagray   

 If it was your second home, it goes on Sch D.

1. Go to income section 
2. click on Add More Income
3. scroll down to Investment Income
4. Show more
5. Stocks, Mutual Funds, Bonds, Other
6. Start:  Continue answering the questions.
   1. Yes,
   2. 1099-B - no,
   3. one sale at a time and the boxes appear for your entries.

If it was a rental house, go to your depreciation and mark that you sold/disposed of the property and continue through that section. See Need to enter sale of rental property where do I find this schedule?

Either way:

The sales price should match the 1099-S you received.

The cost basis is what you paid, plus improvements plus expenses of sale.

Holding period would be long term if for more than 1 year.