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MacTigger
Level 4
February 13, 2020
Solved

1099-S

  • February 13, 2020
  • 1 reply
  • 6 views

I have TT deluxe.

I sold my primary home last year.  I have a 1099-S form now.

In the Investment Income area, I click Stocks, Bonds.

I click Yes to Did you Sell any Investments...

I click no for 1099 B.

I click Everything Else for Choose the Type...

Is that right?

I sold it for 410,000 and bought it six years back for 225,000.

But then it says that I owe a massive tax bill.

I thought there was a one-time $250k exemption?

Thanks.

Mac

    Best answer by MayaD

    You have to report the sale if you received a 1099-S.

     

    1 reply

    M
    MayaD
    Alumni - Intuit
    February 13, 2020

    If the house sold was your primary home don't report it under Investment Income.

    Follow the steps below to report the sale of primary home:

    1. Log in to your account.
    2. Go to Federal Taxes.
    3. Go to wages and Income.
    4. Scroll down to Less Common Income and click show more.
    5. Scroll down to Sale of Home and click Revisit.
    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
      M
      MacTiggerAuthor
      Level 4
      February 13, 2020

      When I go to Sale of Home, the Info text (Click here to see if you have to report this) seems to say that an ordinary sale of a primary home, with no oddball situation, does not even have to be reported.

      Is that right?

      M
      MayaDAnswer
      Alumni - Intuit
      February 13, 2020

      You have to report the sale if you received a 1099-S.

       

      **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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