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April 6, 2025
Question

1099-S question of how to enter in TT

  • April 6, 2025
  • 1 reply
  • 0 views

I received a 1099-S from the sale of some trees on my property. I am unsure how to enter this information within Turbotax …someone had mentioned doing a miscellaneous income entry and then a cost-basis adjustment to show zero capital gains. Any advice on how to enter the info correctly and whether it should be taxed? 

Thank you! 

1 reply

LindaS5247
April 6, 2025

You can enter your Form 1099-S into TurboTax as follows: 

 

  1. Click on the search icon in the upper right of your TurboTax screen.
  2. Enter "Form 1099-S" in the search bar
  3. Click on the link "Jump to Form 1099-S"
  4. Click on "Add Investment"
  5. Select "Skip Import"
  6. Click on the box "Other" the box will turn green and a checkmark will appear
  7. Answer the questions regarding your Form 1099-S
  8. You can report the Proceeds = Cost or other basis as mentioned above; this results in no gain.
  9. Answer all follow-up questions 

 

Your TurboTax screens will look something like this:

 

 

 

 

 

 

Click here for Where do I enter Form 1099-S?

 

Click here for About Form 1099-S, Proceeds from Real Estate Transactions

 

 

 

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