1099-S entry

[phil525]

Following the instructions at the link below, using TT Deluxe 2023 Desktop to enter the information from a 1099-S for sale of a second home doesn't work at present.    Step 4 in the instructions:

4. On the Did you get a 1099-B or a brokerage statement for these sales? screen, select No.

...does not pop up.  It goes right to an entry screen assuming you DO HAVE a 1099-B.  Because of this, I can't enter the information on the 1099-S, nor can I report state income tax withheld on the sale.

Please help.

Thanks,

Phil

Where do I enter the sale of a second home, an inherited home, or land on my 2023 taxes? (intuit.com...

[PatriciaV]

After Step 3 where you either say yes or click "Add more sales," the next screen should show you three option boxes. Stocks (1099-B), Crypto (1099-B) or Other (1099-S). Click the last box to enter your 1099-S for the sale of a second home.

Screenshot from TurboTax Deluxe for Desktop:

[Mike9241 · Accepted solution]

a deficiency in Turbotax Deluxe!

in Deluxe there is no 1099-S

you can use the home sale worksheet and by saying it wasn't your primary residence the sale will be reported without the home sale exclusion. The PITS. there's no place to enter state withholding. maybe when you get to the state section.

or since the home sale exclusion doesn't apply use the capital asset sales worksheet. 

The PITS. there's no place to enter state withholding. maybe when you get to the state section.

the state section (Illinois)  where I could enter 1099 state withholding allowed entry but the PITS it didn't carry into the state return. A BUG Turbotax needs to fix 

[phil525]

Thanks.  I'm seeing now that when you click on 1099-S, as per the first answer to my question, it really doesn't offer the use of a 1099-S in TT Deluxe.....it assumes a 1099-B as default.

Similar to your Illinois specific answer, the ability to input the Maryland form MW506NRS information as required by Maryland to document all the sale specifics, including state income tax withheld, seems to be lacking in the current version of TT Deluxe.  At least I can't find it.

[PatriciaV · Accepted solution]

Even though the entry page reflects Form 1099-B, you should be able to report all the information from Form 1099-S that would affect your tax situation. Because you indicated this was a 1099-S sale, it will be characterized as such for Schedule D.

How to enter:

1. When did you receive this investment: purchase date.
2. Date sold or disposed: closing date.
3. Sales Proceeds: total sale price.
4. Total amount paid: your basis.
5. Check the box "I have more info to enter that I don't see here".
6. Choose the state from the drop-down and enter the state ID number.
7. Enter the amount of state tax withheld.
8. On the next page, check the box for "I paid sales expenses..." and enter the total (see list below*).
9. The review page should show "1099-S" as the description.

In your return forms, you will see your entries on Form 1099-B Wks (description of sale), which flows to Form 8949 Part II Box F, and further to Schedule D Part II Line 10 (Long term).

Note that this experience has been reported and is under investigation.

*Sales expenses include:

 - commissions

 - appraisal fees

 - broker's fees

 - legal fees

 - advertising fees

 - home inspection reports

 - title insurance

 - transfer taxes or fees

 - geological surveys

 - loan charges (points) or other fees paid on the buyer's behalf

Sales expenses do not include:

 - mortgage payoffs

 - home equity loan payoffs

 - rent-back costs

 - payoff to creditors

 - property taxes

 - home owner association fees

@phil525 

[Bob264]

I have turbo tax home and business 2023 and still can't find where to place a 1099-s for timber sale in Dec 2023

[DoninGA]

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@Bob264 wrote:

I have turbo tax home and business 2023 and still can't find where to place a 1099-s for timber sale in Dec 2023

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See this TurboTax support FAQ for timber sales - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-income-ti...