I am entering info from a Substitute 1099-S (2nd home sale). Turbo Tax is asking for "Net Proceeds." My Form only reports Box 2 "Gross Proceeds." Is that what I enter?
I am entering info from a Substitute 1099-S (2nd home sale). Turbo Tax is asking for "Net Proceeds." My Form only reports Box 2 "Gross Proceeds." Is that what I enter?
Yes. Be sure to include to check the box "I paid sales expenses not included in net proceed." This will allow you to arrive at the actual gain.
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I am entering info from a Substitute 1099-S (2nd home sale). Turbo Tax is asking for "Net Proceeds." My Form only reports Box 2 "Gross Proceeds." Is that what I enter?
I have the same situation and this answered helped.
However, it did not allow me to enter the name of an institution and when I try to change "No financial institution" to the name on the 1099-S it won't allow me. How do I fix that please?
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