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1. I have a 1099-S and can't find where to input it. 2. The screen is stuck on "Deductions and Credits."

Where do I declare 1099-S

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3 Replies
Coleen3
Intuit Alumni

1. I have a 1099-S and can't find where to input it. 2. The screen is stuck on "Deductions and Credits."

What type of house? Primary personal? Second home? Rental property? If rental, was it rented in 2018?

1. I have a 1099-S and can't find where to input it. 2. The screen is stuck on "Deductions and Credits."

Primary home. Suffolk county took an easement portion of the house and gave me a small amount of money
HelenaC
New Member

1. I have a 1099-S and can't find where to input it. 2. The screen is stuck on "Deductions and Credits."

This will be reported as a capital gain transaction. In TurboTax, do the following:

  1. When logged into your return, click on the Federal category in the left hand navigation bar on your screen.
  2. Click on the Wages and Income tab at the top of your screen.
  3. Find the section labeled Investment Income, and click start by the line labeled 
  4. Go though the screens and answer no to questions about a financial institution and Form 1099-B.
  5. Go to a screen labeled, "Choose the type of investment you sold" and choose Everything else.
  6. On the screen labeled "Some Basic Info About This Sale" enter the information from your Form 1099-S.
  7. Continue through screens answering questions until you get to a screen labeled "Enter Purchase Information".
  8. Enter your cost basis information. 

You can claim some cost basis on the sale. Here are some notes on figuring the basis for an easement: 

  • Easements are treated as a recovery of the basis of the property first, with any excess proceeds treated as capital gain, which is taxed at a lower rate than ordinary income.
  • The basis of property that offsets an easement is limited to the basis of the affected acres or square footage. So (this is hard to explain) you will need to figure how much of your property (percentage) is effected by the easement. Divide the effected area by the total area of the land, then multiply that amount by your basis in the land to get the cost basis in the easement section.

Please see the following: https://ttlc.intuit.com/replies/3302480

[Edited 4-8-19|10:22 am PST]

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