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Level 3

Solved

1099-s

Forum|Forum|3 years ago
April 9, 2023
4 replies
59 views

Hi there,

If the Title company did not send me a 1099-s form on a sale of a property, is that mean they did not send 1099-s to the IRS also? The net of sale was less than $250000 (I'm single).

Thanks

Best answer by DavidD66

If it was your primary residence and the sales price was less than $250,000, they probably didn't send one to you or to the IRS. Of course there's always a chance they did send them, and yours was lost in the mail. It won't hurt to report the sale on your tax return anyway.

pk_

Level 15

@tanlongpham , that would be generally be true but please make sure that the title company indeed did not issue a 1099-S ( to you and to the IRS ).

DavidD66Answer

Level 15

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tanlongphamAuthor

Level 3

I reported the sale as a rental with Long hold, the tax owe jump to $80K. I don't thing that is correct. What am I missing?

DavidD66

Level 15

If it was your primary residence and the sales price was less than $250,000, they probably didn't send one to you or to the IRS. Of course there's always a chance they did send them, and yours was lost in the mail. it won't hurt to report the sale on your tax return anyway.

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tanlongphamAuthor

Level 3

I contacted the Title company and they emailed 1099-s. Now I need to figure out on how to claim that $250000 allowance to offset the CG tax

JohnW152

Level 15

Expert Reviewed

To enter the sale of your main home and claim the exclusion in TurboTax Online:

If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit.
- Otherwise, in the left pane, select Federal, then Wages & Income (This is labelled Income & Expenses in TurboTax Self-Employed)
Scroll down and select the Show more dropdown to the right of Less Common Income
Select Start or Revisit to the right of Sale of Home (gain or loss)
On the Sale of Your Main Home page, read the information in the Click here to see if you have to report the sale link to the right of Did you sell or have your home foreclosed in 2022? This will help you determine whether or not you need to report your home's sale. If you do, select Yes
Enter all relevant information on the ensuing pages
Be sure to answer correctly on the Time You Lived In Your Home page. This and subsequent pages determine whether you qualify for the exclusion.
When you're done with inputting this part of the interview, the Exclusion of Gain screen will tell you whether your gain has been excluded

You'll need to know:

The date you sold your home, and the selling price of your home. These can be found on your closing statement
The date you bought your home and the purchase price. This, too, can be found on your closing statement
The cost of any major improvements you made, so the program can deduct them for you

@tanlongpham

affordable2020

Level 7

Look at your closing package. The 1099S is likely to be in there with other closing documents.

KrisD15

Level 15

When you sell rental property , there usually are two types of income generated.

First, Depreciation Recapture which is "Paying Back" the depreciation that you realize on the sale

Next, Capital gain if you sell for more than what you purchased the property for.

Depending on the time it was a rental, the depreciation for that time, the original basis (cost) and the adjusted basis (cost less depreciation) the sale will result in these types of incomes.

Depreciation Recapture is reported as Ordinary Income

Sale proceeds over original cost is Capital Gains.

@tanlongpham

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tanlongphamAuthor

Level 3

It's all right to include a reasonable figure for any capital improvements you made to the property such as a new kitchen or a new roof without actual receipts if it's evident those improvements were made. You must also account for the depreciation you could have used on these as well

Depreciation is quite simple to calculate if you know the year you placed the property in service and when you stopped renting it. The chart for all years is included below and you simply add the percentages for all years then multiply it by the original cost of the building (not the land) to arrive at the total of depreciation used, or expensed on your returns over the years.

If you still feel you need assistance, you can use TurboTax Live: How to switch to TurboTax Live

Hi Diane,

Thank you for your response. I'm way over my head regarding my sold rental in AZ. I think I have to consult TurboTax expert on this one. The chart you sent is just a bunch of numbers to me😁. I have no clue what I am looking at. I hate taxes.