Question

1099-S Proceeds From Real Estate Transactions, trans

Forum|Forum|6 years ago
January 3, 2020
1 reply
0 views

I sold a home in 2017 and didn't receive a 1099-S form from the IRS to report gross proceeds. To settle a discrepancy where do I report this information on the form? And what form should I use to report the proceeds? How can I go back into my Turbo Tax account and report this information pertaining to that year? Or can I submit that information on this years tax filing?

TurboTax

DoninGA

Employee

The IRS does not provide you a Form 1099-S. The closing agent when the home was sold would have provided the form at the closing. Unless your home was a rental at the time of sale or it was not your primary only then would you have received a 1099-S.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you want to report the sale that took place in 2017 then you will have to amend the 2017 tax return that was filed. The sale is reported on a Schedule D and a Form 8949 and if you were eligible to exclude the gains then there will be 0 taxes on the sale.

See this TurboTax support FAQ for amending a 2017 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-a-return-in-turbotax/01/27372