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1099-S Software issue?

I am attempting to enter my 1099-S info for the sale of a 2nd home. When I answer "No" to the question "Did you get a 1099-B or brokerage statement for these sales?" it still takes me to the 1099-B section/form. Is this a know software problem? I'm not able to get to the 1099-S questions/form. Thanks for any help.

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2 Replies
rjs
Level 15
Level 15

1099-S Software issue?

TurboTax has stated that they are not going to have a special screen for the sale of a second home this year. But you don't need that screen. Report the sale as an investment sale for which you did not get a 1099-B, in the same place that you would report a sale of stock.

 

  • For the description, enter "Second home" or "Inherited home."
  • If you sold an inherited home, enter "Inherited" for the date acquired.
  • For the holding period select "Short term (Box C)" or "Long term (Box F)," depending on whether or not you owned it for more than a year. An inherited home is always long-term, no matter how long you or the deceased actually owned it.
  • On the screen that says "Select any less common adjustments that apply," check the box that says "Any loss from this sale is not deductible. . . ." Then select "This is personal use property" as the reason.

 

ThomasM125
Expert Alumni

1099-S Software issue?

You need to enter the same information you would have to enter if you received a 1099-B form for the sale of a second home. The important things to enter are the date purchased, date sold, proceeds and cost basis.

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