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Solved

Received 1099-S for sale of investment property, using 2024 Turbotax Home & Business, it's having me enter it under Form 8949 as 1099-B? Is it correct?

Forum|Forum|1 year ago
March 18, 2025
2 replies
0 views

was expecting form 4797

TurboTax Online

Best answer by JamesG1

IRS form 1099-S Proceeds from Real Estate Transactions may report:

Your main home,
A second home,
A vacation home,
Land,
Residential rental property, or
Real property recorded as a business asset.

The tax treatment of each of these transactions differ. Sale of a second home, an inherited home or land are considered investment sales.

The entry will be reported:

on Schedule D of the Federal 1040 tax return, and
on line 7 of the Federal 1040 tax return.

See also this TurboTax Help.

IRS form 1099-S Proceeds from Real Estate Transactions may report:

Your main home,
A second home,
A vacation home,
Land,
Residential rental property, or
Real property recorded as a business asset.

The tax treatment of each of these transactions differ. Sale of a second home, an inherited home or land are considered investment sales.

The entry will be reported:

on Schedule D of the Federal 1040 tax return, and
on line 7 of the Federal 1040 tax return.

See also this TurboTax Help.

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lbfc11Author

Thanks for your prompt response!

It is a flipped property and I'm using home & business version, step by step process led me to adding investment under personal income, but the 1099-S Other options (land, second homes, personal items) does not have this kind of investment property. Am i missing something or just need to enter it manually in schedule D?

Did you ever receive an answer for how to present a house flip? I am in the same situation.

If it as not business property, including rental property, since there would be no depreciation there would be no 4797. if it was depreciated in the past then left vacant and removed from your return, then your entries must included the depreciation previously taken whci might require restoring schedule E.

on the other hand if the property is being reported on schedule E, depreciated property, the sale needs to be entered through that section in Turbotax, not the investment section.