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feb2me
New Member

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

 
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Accepted Solutions
Leonard
Intuit Alumni

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

To enter sale of second/vacation home information in TurboTax Premier program,

In the find box type in sale of second home then Enter 

3.  Select Jump to sale of second home 

4.  On screen, Did you sell any investments in 2019 ? , select Yes.

 

5.  Under Choose the type of investment you sold, select Second Home and follow the program prompts to enter your sale information. 

TurboTax will automatically transfer your sale to the correct forms in your tax return.

 

[Edited 03/09/2020 | 3:41 pm PDT]

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6 Replies
Leonard
Intuit Alumni

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

Is the 1099s for the sale of your home or for the sale of business property ?
feb2me
New Member

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

It's not our main house but a second home.
Leonard
Intuit Alumni

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

To enter sale of second/vacation home information in TurboTax Premier program,

In the find box type in sale of second home then Enter 

3.  Select Jump to sale of second home 

4.  On screen, Did you sell any investments in 2019 ? , select Yes.

 

5.  Under Choose the type of investment you sold, select Second Home and follow the program prompts to enter your sale information. 

TurboTax will automatically transfer your sale to the correct forms in your tax return.

 

[Edited 03/09/2020 | 3:41 pm PDT]

feb2me
New Member

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

It wasn't a home we lived in. Home was in our name and mother-in-law lived there until she died. Some years ago it was rented out.
Leonard
Intuit Alumni

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

If the house was not a rental property then the sale is considered to be your second home
feb2me
New Member

Received Substitute Form 1099S proceeds from real estate transaction. What form do I need to report this on to IRS? Form mentions forms 4797, 6252, and or Schedule D.

Sold a house that we rented and proceeds paid off mortgage and taxes so we didn't get full amount. Form 1099S shows gross not what we actually got. Where does all this info go?

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