How to enter 1099-S for 2020?

Forum|Forum|5 years ago
February 11, 2021
10 replies
51 views

It seems the instructions for entering Form 1099-S (raw land) are different for 2020 than 2019. What are the correct steps in TurboTax?

RayW7

Level 12

You may get a 1099-S if you sold your home, a rental property, stock in a co-op or any other real estate, including land, permanent structures, or standing timber on your land.

Sale of your main home

If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:

Open or continue your return.
Type sale of home in the Search box.
Select the Jump to link in the search results.
Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.

Other real estate sales

If your 1099-S wasn’t for the sale of your main home, select the option below for step-by-step instructions:

Related Information:

polackva

Level 2

What if I didn't sell my home. I received money for removal of trees under power lines on an easement?

AmyC

Level 15

@polackva You received a 1099-S for the sale of trees in your yard.

Since it was your trees, it goes on Sch D.

Go to income section
1. click on Add More Income
2. scroll down to Investment Income
3. Show more
4. Stocks, Mutual Funds, Bonds, Other
5. Start: Continue answering the questions.
1. Yes,
2. 1099-B - no,
3. one sale at a time and the boxes appear for your entries.

The sales price should match the 1099-S you received.

The cost basis is what you paid, plus improvements plus expenses of sale.

Holding period would be long term if for more than 1 year.

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JKL0723

Level 2

I have a 1099-s form for saling a rental home that I never received any rent from or did i have to pay for any up keep. My mother had lift time rights to this house and she received rent each month and did all up keep. but she is at the age that she doesnt want to keep up with it. So she sold the house giving me me part of the sale- what do I enter this under

RaifH

Level 10

Is the 1099-S in your name or your mother's name? If it is in her name, it sounds like she should report it on her tax return as a disposition of her rental property. The money she gave you would be a gift on which you would not be taxed. If the amount is above $15,000 she would have to fill out a gift tax Form 709. That is not an income tax form and is not filed electronically on TurboTax.

If your name was on the house and you received a portion of the proceeds directly, you would have to report it as a sale on your tax return. You would need to figure out with your mother what percentage of the sale you would report on your tax return, as well as the basis in the property. This would be reported in the Federal > Wages & Income > Investment Income > Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) section of your tax return.

@JKL0723