Form 1099 S

Forum|Forum|6 years ago
February 13, 2020
3 replies
13 views

I received a Form 1099 S after I filed my 2019 Taxes for my second home I sold during 2019. I have to amend my taxes and I have a question on how to properly file this form. Under Second Home Information, is asking for Net Proceeds, but my 1099 S form only shows Gross Proceeds ( the actual selling price). My question is, where do I enter the closing expenses incurred on the second home? Also, where do I put the information for the Title Company that send me the 1099 S?

ThomasM125

Level 15

You should report the proceeds listed on your form 1099-S as the net proceeds and add the costs of sale to the basis (cost of property plus improvements, less depreciation if any). So, the gain or loss will be what you made on the sale.

You are not required to report the name or ID listed on the form 1099-S. You just keep that in your files in case you ever get audited.

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lou0711Author

Level 2

Thanks

wilsonhf

Level 2

still can't find where to put my TIMESHARE(BOX 3) BOX 1 DATE BOX 2 $$$$AMOUNT.

PLEASE HELP

wilsonhf

Level 2

WHAT DO THIS MEAN

PattiF

Level 15

If the 1099-INT that you received for your savings bond interest only has an entry in Box 3, you would enter that amount in TurboTax.

Go to Personal Income, then Interest and Dividends, Forms 1099-INT, 1099-DIV, 1099-OID and Start
Yes to Did you receive any interest of dividend income in 2020?
Let's get your 1099-INT or brokerage statement details, select box for I'll type it in myself
In box marked Received from, Enter the bank or credit union
Below this is a box to check if "My form has info in more than just box 1"
Check this box and on the next page, enter the interest in Box 3