What was sold that you would receive a Form 1099-S?
Gross Proceeds minus Sales Expenses equals 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.
@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