, Answering FAQ'sTurboTax Employee
Form 1099-S is used to report sales or exchanges of real estate. You should receive this form by February 1, of the year.
Although most people only get a Form 1099-S when they sell their home, you may also get the form when you sell any of the following.
- Improved or unimproved land, including air space.
- Inherently permanent structures, including any residential, commercial or industrial building.
- A condominium unit and its appurtenant fixtures and common elements, including land.
- Stock in a cooperative housing corporation.
Mobile homes that are not permanently fixed to a foundation are not included in the reporting requirements for Form 1099-S.
In TurboTax Deluxe, Premier, or Home and Business, jump directly to the entry screen for the sale of your main home (the one you live in – not a second home):
- Enter home sale in the TurboTax search box and press the Enter key.
- At the Sale of a Main Home screen, note the information you'll need to have and click Continue.
- Answer the questions on the following screens.
Your main home, or principle residence (also considered you tax home), has special treatment limiting taxes on a sale with a gain, or profit. However, second homes, vacation homes, or cabins and real estate are not included in those special tax treatments.
Vacation homes and land or real estate are considered investments. Enter the sale of land, vacation home, cabin or other second home in TurboTax by referring to Sale of a Vacation Home or Land.
For more from the IRS about what you need to know tax-wise if you sell your home, watch the video below: