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pjlin1308
New Member

Where do I enter real estate sale proceeds in Turbo tax premier?

I sold a rental mobile home lot (lot only).  I cannot find how to enter to sale proceeds I received.  I purchase Turbo Tax Premier because on the cover it states, "Investments & Rental Property".

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3 Replies
SeanE1
New Member

Where do I enter real estate sale proceeds in Turbo tax premier?

If you have a 1099-S from the sale of land, please follow these steps: 

• Go to Federal Taxes

• Select Wages & Income

• Click I'll choose what I work on

• Find the Investment income section

• Select Start next to Stocks, Mutual Funds, Bonds, Other

• On the Let Us Enter Your Investment Sale Info screen, select I'll Type it in Myself

Select No financial Institution on the next screen

• Follow the on screen prompts 

Bserrano
New Member

Where do I enter real estate sale proceeds in Turbo tax premier?

How do I enter the sale of land if I have a 1099-s Substitute form?

LeonardS
Expert Alumni

Where do I enter real estate sale proceeds in Turbo tax premier?

Form 1099-S  is an informational form and is not entered directly into a tax return.  The data on the form may be used when you are completing your tax return.  You may use the data on your Substitute Form 1098-S to prepare your tax return. This will not impact your return.

 

To report the sale of your land using the Substitute Form 1098-S in TurboTax follow these steps:

  1. Open or continue your return
  2. In the search box, search for sold second home and select the Jump to link
  3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
    • If you land on the Your investment sales summary screen, select Add More Sales
  4. On the OK, let's start with one investment type screen, select Other, then Continue
  5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
  6. On the next screen, select Second Home (choose this also for inherited homes) or Land and answer the questions to finish entering your sale.

This link Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes? has information you may find useful.

 

@Bserrano

 

 

 

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