1099-S Gross vs. Net Proceeds
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khalford
Returning Member

1099-S Gross vs. Net Proceeds

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

3 Replies
DoninGA
Level 15

1099-S Gross vs. Net Proceeds

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

Gross Proceeds minus Sales Expenses equals Net Proceeds.

khalford
Returning Member

1099-S Gross vs. Net Proceeds

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

1099-S Gross vs. Net Proceeds


@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/01/2625...

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