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
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.
@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.
You can't search for Form 1099-S, or for any information regarding it through TT2020.
A real disappointment to me since I spent two hours trying to find out where I enter the information for Form 1099-S, since other Forms 1099 are entered with detailed information from the 1099. TT should explain that.
Search my other replies and requests from the TT experts. The responses may have worked for TT2019, but not for TT2020.
No. The form 1099-S is not included under Turbo Tax forms. A form 1099-S is a tax document used to ensure that the full amount received for a real estate sale of some kind is accurately reported. ... A 1099-S can also be used to report income made on rental property or investment property. For selling real estate, the buyer must complete and file their own 1099-S.
For residential property, the form 1099-S is reported under Sale of a Home. If you live 2 out of 5 years you owned the property, capital gain is excluded up to $500,000 ( married filing joint).
For rental property. the form 1099-S is reported on Schedule E
TT should address Form 1099-S, and explain that it is not entered into TT as other Forms 1099.
The explanation would be so simple. Why isn't it included in TT?
I could not find anything through the Search feature about Form 1099-S. It is not found under a search for "rentals."
The Search feature is mostly unhelpful, and very limited. Try it yourself.
By the way, using explanations from TT2019 for TT2020 does not work.
Thanks for allowing me this rant.