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jimlynch932
Returning Member

I need help doing my 2020 turbo tax return

i have not returned my 2020 tax's i just changed my address.  I need help filling out my 2020 tax return thank you, james
2 Replies
wdw1
New Member

I need help doing my 2020 turbo tax return

Did not receive 1099 B.  Title Co. says it is not required.  How do I complete filing without.  It is asking for "description"........ and then other information that I can give.   But don't know how to describe.  This is in regards to sale of a home.

PattiF
Employee Tax Expert

I need help doing my 2020 turbo tax return

The title company does not always send a 1099-S for the sale of a house. You did not receive one for this sale. If you had received a 1099-S for the sale of a home, that form is not entered into the program, just the information that is on the form is entered 

 

The way you will report this depends on a few things:

 

  • Was this the sale of your primary personal home that you lived in for 2 out of the last 5 years?

    If this is your situation, then you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).  

    If you had a gain greater then the exclusion amounts then you would have to report the sale. Use the description "sale of personal home".

  • If this was the sale of a second home or an inherited home or an investment property, then you would describe it as one of those things.

This should be entered in: 

  • Investment Income
  • Then Stocks, Mutual Funds, Bonds, Other
  • Yes, you sold investments
  • No, did not receive a 1099-B
  • Choose Everything else
  • Enter your information with description of property , proceeds, etc. 

 

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