1099S How to enter for a renatl property

[shawna909]

How do you enter the 1099S I received for a rental property?

[KatrinaB48]

Follow the directions below to enter your Form 1099-S for the sale of your rental property.

1. Log in and open your return.
2. Type rentals into the search field and select the Jump to link in the search results
3. Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
4. When you get to Is This a Rental Property or Royalty? select Rental property and fill out the description, address, and owner.
5. When you hit Do Any of These Situations Apply to This Property? check the Sold box along with any other boxes that may apply.
6. Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review Your [Property] Rental Summary screen. You can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (like income and expenses)

Please view this TurboTax FAQ to view additional tips for entering Form 1099-S. The terminology tips are very helpful.

[shawna909]

Thanks.. I can find where I can put the sales info.  But it does not ask me to enter any 1099s information.  I put in the sale but nothing from 1099. 

[LeonardS]

You will enter the gross sale price on Form 1099-S in the property sales section.  There is no specific Form 1099-S requiring data input in TurboTax.

[mb503]

This is, I think, the exact same scenario I have - I sold a rental property in 2021 and I just want to double check where I need to enter the information...  Do I need to put that I sold the property (and the gross sales price) in the rental section AND fill in all the relevant fields in the 1099-S "section" of TurboTax?

[LeonardS]

 Follow these steps to enter the sale of your rental property. 

1. With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
2. Answer Yes to the question Did you have any income from rentals or royalties?
3. When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
4. When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
5. Continue following the onscreen prompts to enter info about your rental property.
6.  When you get to the Review your rental property info screen. You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)
7. You do not enter the capital gains directly, TurboTax will automatically calculate your capital gain or loss on the sale using the information you have provided.

@mb503

[klong1212]

Does turbotax automatically calculate depreciation recapture on a sold rental property?

[JamesG1]

Yes, TurboTax will calculate a depreciation recapture on a sale of rental property.

To report the sale of the rental property:

1. Click Edit to the right of the rental activity at the screen Your 2023 rentals and royalties summary.
2. Click Edit to the right of the rental property asset.
3. Click Edit to the right of the rental property asset at the screen Your Property Asset.
4. At the screen Did you stop using this asset in 2023, select Yes.

The entries will be reported on IRS form 4797 Sales of Business Property Part I and/or Part III.

You may view the entries at Tax Tools / Print Center / Print, save or preview this year's return / Just my tax return.