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khalford
Level 2
June 19, 2020
Question

1099-S Gross vs. Net Proceeds

  • June 19, 2020
  • 1 reply
  • 0 views

My 1099-S shows 'gross proceeds.' Turbotax asks for Net proceeds. How do I formulate and potentially justify this figure?

    1 reply

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    June 19, 2020

    What was sold that you would receive a Form 1099-S?

    Gross Proceeds minus Sales Expenses equals Net Proceeds.

    K
    khalfordAuthor
    Level 2
    June 19, 2020

    I sold a home that I had bought and rented out for about 5 years.  The entire amount of sale is showing on 1099-S as gross proceeds.  

    DoninGA
    Level 15
    DoninGALevel 15
    Level 15
    June 19, 2020
    @khalford wrote:

    I sold a home that I had bought and rented out for about 5 years.  The entire amount of sale is showing on 1099-S as gross proceeds.  

    In the Rental section of the program, when the property is sold, the program should be asking for the Sales price, which is your Gross, and then ask for any Sales Expenses, and the Adjusted Basis of the property.

    TurboTax support FAQ for a rental property sale - https://ttlc.intuit.com/community/rental/help/i-sold-my-rental-property-how-do-i-report-that/01/26251

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