How to enter 1099-S for 2020?

[ontimen10]

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]

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:

1. Open or continue your return.
2. Type sale of home in the Search box.
3. Select the Jump to link in the search results.
4. 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:

• Sale of a second home, an inherited home, or land
• Sale of a rental property
• Sale of standing timber

Related Information:

• Where do I enter the sale of a second home, an inherited home, or land on my 2019 taxes?
• Where do I enter income from a timber sale?
• I sold my rental property. How do I report that?

[polackva]

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

[ontimen10]

Yes, but the questions one has to answer are is very confusing, unless they are a Tax Expert. Why does TurboTax not treat a 1099-S just like any other 1099? You go box by box until it's finished! It's really stupid to make someone stumble through a confusing document when they could make it easy! Ask exactly what you find on the paper 1099-S, just like they do an a W-2!!!

I already figured it all out, but it's pretty silly! TurboTax needs to get their head where it's a bit lighter! I've been using it for 30 years, so it isn't my first rodeo!

Thanks,

Ron

[AmyC]

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

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

1. Go to income section 
2. 1. click on Add More Income
3. 2. scroll down to Investment Income
4. 3. Show more
5. 4. Stocks, Mutual Funds, Bonds, Other
6. 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.

[polackva]

How to I enter a cost basis if I didn't sell my home? The house will have to be reported on two returns. I am not the only owner. 

It asks what type of investment and how I recieved it and what date. Would it just all be listed as other? The sales date and date acquired are the same date?

[MaryM428]

If you did not sell the home then the cost basis will not be entered on your tax return.  You will compute the cost basis and keep that information with your records to be used when you do sell the property.

Here are the items to add to the cost of the property to compute your cost basis:

• title fees,
• legal fees,
• recording fees,
• survey fees, and.
• any transfer or stamp taxes you pay in connection with the purchase.

@ polackva

[rod2021]

I received 2 1099-S from a sale of two houses that I bought, repaired and sold (flipped), I do have an LLC and I am using TurboTax business and home, where is the correct place to add those sales?

 I can't find the answer anywhere, The 1099-S form has only the sold price, however does not include the purchased price nor the construction cost.

Please help me :=)

Thank you

[ontimen10]

You second properties are considered "investments", and that is where you enter them, as well as any costs, expenses, or improvements. As idiotic as it is, Turbo Tax does not give you a 1099-S! It took me a long time to figure out, and while a bit murky, you'll figure it out. It should be easy!

Here is the explanation I received:

"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.
Yes, 1099-B - no, 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."

[JKL0723]

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]

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