Question

1099S

Forum|Forum|6 years ago
February 15, 2020
1 reply
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Received a 1099S (Proceeds from Real Estate Transaction).. It includes an amount in Box 6 for real estate taxes. How do I handle this in Turbo Tax

DavidS127

When you report in TurboTax the real estate taxes you paid for the year, you should exclude anything reported in box 6 on Form 1099-S, because at closing the buyer reimbursed this much of the taxes you paid. Box 6 on Form 1099-S reports the buyer's portion of the real estate taxes you paid during the year.

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