I sold a home in 2017 and didn't receive a 1099-S form from the IRS to report gross proceeds. To settle a discrepancy where do I report this information on the form? And what form should I use to report the proceeds? How can I go back into my Turbo Tax account and report this information pertaining to that year? Or can I submit that information on this years tax filing?
The IRS does not provide you a Form 1099-S. The closing agent when the home was sold would have provided the form at the closing. Unless your home was a rental at the time of sale or it was not your primary only then would you have received a 1099-S.
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you want to report the sale that took place in 2017 then you will have to amend the 2017 tax return that was filed. The sale is reported on a Schedule D and a Form 8949 and if you were eligible to exclude the gains then there will be 0 taxes on the sale.
See this TurboTax support FAQ for amending a 2017 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-a-return-in-turbotax/01/27372
What online version of TurboTax supports 2017 form 1099-S amendment?
@mlm522 wrote:
What online version of TurboTax supports 2017 form 1099-S amendment?
A 2017 tax return cannot be amended using the TurboTax online editions.
See this TurboTax support FAQ for amending a 2017 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-a-return-in-turbotax/01/27372
I was able to bring up TurboTax Premier for a 2017 Amendment but it doesn't list form 1099-S. There must be another version that supports this form? If not, is the next best option to file the long form?
@mlm522 wrote:
I was able to bring up TurboTax Premier for a 2017 Amendment but it doesn't list form 1099-S. There must be another version that supports this form? If not, is the next best option to file the long form?
A Form 1099-S is not entered directly on a tax return. Only the Proceeds for the sale are entered in the section for the type of property that was sold.
What was sold that you would have received the 1099-S?
I understand that the proceeds are entered. My question is what online version of turbotax support or ask questions relating to sales proceeds? So, that I may enter the amount within the 2017 amendment? Is TurboTax Deluxe + State available online? I believe this software version may handle property filings.
@mlm522 wrote:
I understand that the proceeds are entered. My question is what online version of turbotax support or ask questions relating to sales proceeds? So, that I may enter the amount within the 2017 amendment? Is TurboTax Deluxe + State available online? I believe this software version may handle property filings.
Any of the TurboTax desktop CD/Download editions can be used as they all contain the same forms, schedules and worksheets. So you can use the Deluxe desktop edition. If this is a new 2017 tax return that you will be completing then go to this TurboTax website for the 2017 desktop software - https://turbotax.intuit.com/personal-taxes/past-years-products/2017
If you completed a 2017 tax return using the 2017 TurboTax online editions then follow the procedure in this TurboTax support FAQ for amending the 2017 tax return - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27371
I'm confused! You gave me the link to TurboTax online editions. And you just stated previously that "A 2017 tax return cannot be amended using the TurboTax online editions." As stated previously, I was unable to ascertain form 1099-S, using TurboTax Premier. Because it doesn't list 1099-S, as an option to enter the sales of property as proceeds. I'm assuming that version doesn't carry all of the online tax worksheets. But Turbotax Deluxe does. Do you have the online link to Turbotax Deluxe?
Let's back up here.
How did you complete and file the original 2017 tax return?
Did you use the TurboTax online web based editions for 2017?
Did you use the TurboTax desktop CD/Download editions installed on your personal computer for 2017?
You originally posted "I sold a home in 2017 and didn't receive a 1099-S form from the IRS to report gross proceeds."
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.
You cannot report the sale of property in 2017 on a 2019 tax return.
If you did not report the sale on the 2017 tax return and now need to report the sale then you Must amend the 2017 tax return that was filed. Or if you need to change what was previously reported for the sale, then you Must amend the 2017 tax return that was filed.
Depending on which TurboTax program you used, online or desktop, the procedure to amend the 2017 tax return is different.
If you used the TurboTax online editions for the 2017 tax return then you have to download the 2017 Amend software to install on your personal computer. And you have to download the 2017 tax data file from the 2017 online edition to transfer to the Amend software. As described in this TurboTax support FAQ - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/01/27371
I understand that I can't use the 2019 software. I specifically stated that I tried to amend 2017 taxes by opening that specific online software during that year. And it doesn't contain the 1099-S worksheet where I can file the sales proceeds. So, I'm asking is there an online Deluxe TurboTax software link? Where it has the specific
1099-S worksheet? Where I can enter the sale of proceeds. You stated that all TurboTax editions contain all worksheets. That is not true! All editions are limited to a specific number of worksheets pertaining to one's situation. Again, is there an online link for Deluxe Turbo Tax pertaining to my situation (sell of proceeds regarding a home)?
I am not sure if you got this resolved or not. The person who was responding to you was not a TurboTax CPA or EA. Call into Turbotax for help and speak with Tax advice.
The post by @DoninGA provides proper guidance in reporting the sale of your home and addresses the issue when you do not receive Form 1099-S.
vacant land sale. Received form 1099-S from title company but do not know where to enter on turbo tax form. Help?
Here are instruction on entering a 1099-S from the sale of land. Scroll down to the lower section for information for sale of land.
Have same question on REC ? How does one enter 1099-S for real estate contract??
Report the sale in the Stocks, Mutual Funds, Bonds and Other interview under Federal > Income and Expenses > Investment Income.
"Real estate" is an "Other" type of investment. When the program asks if you received a Form 1099-B, select "No". Completing the interview will generate Form 8949 and Schedule D.
See Where do I enter the sale of a second home, an inherited home, or land on my 2019 taxes? for instructions on how to access this interview in either online or desktop versions of the program.