1099-S Sale of Second Home

[finneyaw]

I have sold a second home (a home that was for my Father in Law - he didn't pay rent or anything - just his own utilities). I received from the Title company a Substitute 1099-S which shows the gross proceeds from the sale of $135,000. I had a mortgage on this home of $45,000. How is this reported under the investments section in TurboTax? Would it be the gross proceeds or the net proceeds?

[MaryM428 · Accepted solution]

In TurboTax

• Federal
• Investment Income
• Stocks, Mutual Funds, Bonds, Other (1099-B)
• Other (land, second homes, personal items) covers 1099-s
• Enter sales details
• Type is second home
• Proceeds is amount you received
• Total amount paid for the home is what it cost and what you invested in it, minus the outstanding mortgage
• Enter any sales expenses not included on 1099-S

[finneyaw]

Thank You! This is what I had done but was a little unsure if I had done it correctly. The Capital Gains tax I have to pay through me for a loop.