Where Do I Enter Form 1099-S for Sale of a Home or Real Estate?
You may receive Form 1099-S when you sell your home or one of the following properties:
- A home, cabin, vacation home, or other real property.
- Improved or unimproved land, including air space.
- A permanent structures, such as residential, commercial or industrial buildings.
- A condominium unit and its fixtures and common elements, including land.
- Stock in a cooperative housing corporation.
NOTE: Mobile homes that are not permanently fixed to a foundation are not included in the reporting requirements for Form 1099-S.
Your main home, or principle residence (also called your tax home), has special treatment limiting taxes on a sale with a gain (or profit). Enter as the Sale of a Main or Principle Home in TurboTax, below.
However, second homes, vacation homes, cabins, and unimproved real estate are not included in those special tax treatments. For tax purposes, these are considered investments, and are entered in an investment area. See Sale of a Vacation Home or Land.
TIP: Although the sale of a second home or property does not qualify for the same tax benefits of a main or principle home, mortgage interest paid on a second home (cabin, motor home, trailer, etc.) may be a deduction.
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.
For more from the IRS about what you need to know tax-wise if you sell your home, watch the video below: