Looking for Form 1099-S

Forum|Forum|5 years ago
February 27, 2021
6 replies
34 views

For TY20, will Form 1099-S be added to the Forms set for Federal taxes? I received that from the attorney that represented the buyer of my home in Connecticut.

DoninGA

Level 15

A Form 1099-S is not reported on a tax return. However, the proceeds shown on the 1099-S are entered when reporting the sale of property.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, 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 the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income

On Sale of Home (gain or loss), click the start or update button

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

Passion4DivingAuthor

Level 2

As suggested, I had a look at the Premier version and saw that Form 1099-S is also not available on the Premier version. The instructions for entering the data for the sale of my home also worked for the Deluxe version.

So, part of the answer was useful.

DoninGA

Level 15

@Passion4Diving wrote:

As suggested, I had a look at the Premier version and saw that Form 1099-S is also not available on the Premier version. The instructions for entering the data for the sale of my home also worked for the Deluxe version.

So, part of the answer was useful.

As stated in the answer -

You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions.

However -

If you are using the TurboTax desktop CD/Download edition software installed on your personal computer, any of the desktop editions can be used to report the sale.