1099-S Proceeds from Real Estate Transaction

[Gr33n364]

I received a 1009-S for proceeds from real estate transaction.  Does Turbo Tax Deluxe addition support reporting the income received?

Also the proceeds from the sale were divided among 10 siblings.  What portion of the total sale is used to file my taxes?  Would it be one tenth of the total sale?

[RayW7]

Yes, TurboTax does support 1099-S.  You would report the percentage of the proceeds applicable to you.

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Where do I enter Form 1099-S?

[Grego74]

If I sold an investment property in late 2020 and the Title Company turned in a 1099-S to the IRS in 2020 but I did not cash the title company check for the proceeds until 2021, if I use either Cash or Accrual accounting method, can I claim the income in 2021. The turbo tax program was confusing when it mentioned this. Thanks!

[ThomasM125]

You are considered to have received the proceeds and to thus have sold the property in the year that the proceeds were available or could have been available to you. For instance, you can't receive the check or have it available for you to cash in 2020, but then cash it in 2021 and then claim the sale in 2021. 

If you use the cash or accrual method of accounting, the income will be reported in 2020 if the sales proceeds were available to you in that year.