turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why after I enter sold inherited second home does it then show as a 1099-B entry?

I feel like I'm entering in the wrong section even though the box is 'Other' with 'second homes' listed and 1099-S listed on the bottom
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
ThomasM125
Expert Alumni

Why after I enter sold inherited second home does it then show as a 1099-B entry?

You entered the sale correctly. It gets the same treatment as if you had sold stock or other similar investment property and will appear as such on the investment summary screen in TurboTax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies
JamesG1
Expert Alumni

Why after I enter sold inherited second home does it then show as a 1099-B entry?

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 is reported:

 

  • on Schedule D of the Federal 1040 tax return, and 
  • on line 7 of the Federal 1040 tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Why after I enter sold inherited second home does it then show as a 1099-B entry?

I had entered the information from my 1099-S in the 'Other' category of the investment section and selected 'Second Home' and 'Inherited'.

**My concern is after I completed the entry I found that upon returning to the investment section the tab shows this as 'Stocks, bonds, etc. (1099-B)'. 

 

ThomasM125
Expert Alumni

Why after I enter sold inherited second home does it then show as a 1099-B entry?

You entered the sale correctly. It gets the same treatment as if you had sold stock or other similar investment property and will appear as such on the investment summary screen in TurboTax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question