1099 S Inherited Home Sale

[gfaxon]

Online version. Following instructions found here:

Income >Investments and savings > Add Investments > Enter Different way > Type in myself >Other (land, second homes, etc.) 1099-S > Continue

Enter info and confirm.  After completion, TurboTax lists it as 'Stock, bonds, etc. (1099-B).

Multiple attempts, will not report as 1099-S. Anyone figured this out?

Thanks

[DavidD66]

It sounds like you are referring to what you are seeing on the Income Summary page of the program.  If that is the case, there is no problem.  All non-business asset sales are reported in that section.  This includes investments like stocks, bonds, and mutual funds that are reported on a Form 1099-B as well as other assets like a home, investment property, collectibles, etc.   

[gfaxon]

DavidD66 - 

Appreciate your quick reply. When I posed the question in the TurboTax help, it indicated that 1099 B wasn't the correct form to report the sale, it should be 10099 S, so my concern was that it would be kicked back by the Feds for filing on the wrong form. I've contacted support and they indicated they were aware and this is an ongoing issue they are trying to resolve, and that I should wait for an update. I prefer that you are correct and I could file as is. 

[Mike9241]

The IRS does not see the tax form reporting number on the return you file.

[DavidD66]

I am not aware of any such ongoing issue.  If you want to check your return before you file, you can print your return without filing.  The sale of your inherited home should be reported on Form 8949 page 2, with Box F checked for "Long-term transaction, other than digital asset transaction, not reported to you on Form 1099-B or 1099-DA.  I see no reason to wait for an update.

To Print or create a pdf of your return follow these instructions:

If you are using TurboTax Online, you can complete your tax returns without filing.  If you want to review your return you will need to pay for TurboTax and then you will be able to print your entire return or specific forms/schedules prior to filing.  You will still be able to make changes prior to filing. Follow these steps to print a preliminary copy of our return in TuboTax Online:

• While logged in and working on your return, click on Tax Tools
• From the drop down menu click on Print Center 
• Click on Print, save or preview this year's return
• On the next screen click on "Pay Now" 
• You may be prompted to "Go to My Info" if you need to add additional information
• Submit your payment information and you will be able to print your tax returns

Note, you must pay by credit card in order print or preview your preliminary return.  You will not be able to pay using your federal tax return.

[gfaxon]

Thanks Mike.

[gfaxon · Accepted solution]

Thanks David. Regarding whether it's an issue, I'm just repeating what support told me.

The info you've provided is extremely helpful and will allow me to verify this has been entered correctly. Very much appreciate your time and help, and I have to say the speed and quality of responses here are the best I've ever encounter on a support forum.

Thanks again.

[glorynan]

Is this process  the same if sold a INHERITED home that was rented for 6 months and then sold, (understanding that I would also need to enter rental income elsewhere?

Income >Investments and savings > Add Investments > Enter Different way > Type in myself >Other (land, second homes, etc.) 1099-S > Continue

thank you