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

[bckey]

I have the exact same scenario. Simple sale of vacant land with nothing on it. I received a simple 1099-S and have been frustrated with TT ever since. I have used TT for years but this is my first 1099-s. How TT has been around this long and can't handle a 1099-S in a simple way is pure laziness on their part. You can select 1099-S when you finally find it but when you enter your info and save it will save as a 1099-b. Every time. 

They have to be getting plenty of calls and posts on this year after year but so far they really haven't addressed the problem. You would think it would benefit them to do so.

[grangold]

I have TurboTax Premium for 2022.  It is not set up like previous years.  I get to the page where it ask if I received a brokerage statement, I say no.  It only allows me to select enter a sale one at a time or grouped.  No option to select land or anything else.  I was a told specifically that the Premium package could handle this.  So far not luck.  

[PattiF]

The sale of land is entered in the investment section.

Follow these instructions to enter the information in your tax return:

Go to Wages & Income

1. Scroll to Investments 
2. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
3. Answer Yes to "Did you sell any Investments? Answer "No" to "Did you get a 1099-B or brokerage statement?"
4. Enter the sale one at a time
5. Enter Land Sale Information. Make sure to check the box for Reported sales price did not deduct all fees of selling expenses if it applies to you. 
6. Follow the prompts to complete entering the land sale 

You will enter the information from the 1099-S and your information about the date of purchase and the cost basis of the home that you have from your records. 

@grangold 

[mdspitalmd]

in what edition of turbotax is the 1099-S

i have premier and i cant find it

[MarilynG1]

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.

@mdspitalmd 

[Good3]

Hi, 

Where do I add a 1099-S (Proceeds from Real Estate Transactions) for Right of Way/Easement Right  by the government acquiring only a small portion of the land along the border of a rental property for road construction in 2022?  

[ErnieS0]

For instructions on reporting your easement payment see "1099-s Sale of Land Easement."

1. Type 1099-b in Search (magnifying glass) in the top right corner
2. Select Jump to 1099-b
3. On "Your investments and savings," select +Add investments
4. On "Let's Import your tax info, select Enter a different way
5. On "OK, lets start with one investment type," choose Other
6. On "Tell us more about this sale" enter "1099-S from xxx for Right of Way" or something similar
7. On "Now, enter one sale for 1099-s, chose Land (personal use) as the type and fill in the rest of the info

Tax Champ Carl says, assuming this is a "right of access easement":

So basically, you have to figure that portion of land the money was paid for. Then figure what percentage of your original purchase price of the property applies to that portion of land the perpetual easement payment was for. That will be your cost basis. If the money you were paid exceeds that cost basis (I'm sure it will) then you have a taxable gain. You'll only pay tax on the gain.

@Good3

[Good3]

When I clicked on the link "For instructions on reporting your easement payment see" 1099-s Sale of Land Easement",  it says THIS SITE CAN'T BE REACHED.  Can you provide a functioning link?  

Also, when I click "Jump to 1099-b" it take me to "Did you get a 1099-B or a Brokerage Statement for these sales? "  which I did not get a 1099-B but I continue forward as suggested to see what TurboTax Premier says. It then wants me to enter "Bank or Brokerage Name" which I do not have.  Can you provide other solutions?  Thank you.  

[JohnW152]

I can’t speak to what the link above was, but to enter the sale of this land in TurboTax Online, you might try this path:

1. If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit. 
   • Otherwise, in the left pane, select Federal, then Wages & Income (This is labelled Income & Expenses in TurboTax Self-Employed)
2. Scroll down and select the Show more dropdown to the right of Investments and Savings
3. Select Start or Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
4. Answer Yes on the Did you have investment income in 2022? screen, then Continue
   • If you land on the Your investments and savings screen, select Add Investments
5. On the next screen, select Enter a different way
6. On the OK, let's start with one investment type screen, select Other (land, second homes, personal items), then Continue
7. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
8. On the next screen, select Land (personal use) or Land (other investment purpose), as appropriate, then enter the rest of the info for your sale, and Continue

@Good3 

[lind3]

is the 1099 S showing proceeds or sales price

[MayaD]

Form 1099-S is used to report proceeds from real estate transactions.

IRS.gov

[Dorrman]

Not sure if it is TT 2022 or my wife’s laptop, but I can’t follow the instructions here for entering the 1099s for sale of a second home because the search option won’t take character input.  Not happy.

[AmyC]

Let me help. The sale of second home is an investment that was sold. Go to personal income and select Stocks, bonds, other to enter your 1099-S income.

• 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.

[lind3]

The home was not a second home it was a main home and 1099S did not match sales price of home.

[Vanessa A]

Then you will need to contact the person that issued it to get a corrected 1099s