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weiliurational
February 27, 2023
Question

How to report 1099-S received for lawsuit settlement on a rental property

  • February 27, 2023
  • 1 reply
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How to report 1099-S received for lawsuit settlement on rental property?  The rental property is not sold. 

    1 reply

    P
    PattiF
    February 27, 2023

    There is no specific area in TurboTax or any software to enter Form 1099-S. The lawsuit settlement will be entered as other reportable income by following these steps:

     

    1. Go to Income & Expenses, 
    2. scroll down the page to the last item Less Common Income, 
    3. select Miscellaneous income, 
    4. then from the list select Other reportable income.  
    5. you will have to enter the amount you received plus a short description.    
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