Question

sale of home and rental in same transaction.

Forum|Forum|5 years ago
April 25, 2021
1 reply
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My personal residence had a rental unit on the same property. so i split the proceeds of sale between sale of home and sale of rental property. In the section of Turbo Tax dealing with sale of home it asks if i received a 1099S. I did receive one but the amount which I show for personal residence is less than the amount on the 1099S because some of the proceeds are allocated to the rental property. How should i answer the question? At this point i am answering "no" since i didn't receive the 1099S for just my home. Should i answer "yes"?

ColeenD3

Yes, you can say that you received a 1099-S and then allocate the appropriate amounts between properties.

R

rohee3Author

How and where in Turbo Tax can i put an explanation that i have split (allocated) the total proceeds between home sale and rental sale?

ColeenD3

If you had rental income during the year, enter the rental portion in that section. If you didn't, enter it in Sale of Business Property.

1) Wages and Income

2) Other Business Situations

3) Sale of Business Property

4) Other Property Sales

5) Select Sales of Business or Rental Property that you haven't already reported

6)Choose No to the question, "Do all of the following apply to the property you sold?".

7)Choose Yes to the following screen that asks, "Do any of the following descriptions apply to the items you sold?".

8)Select the type of property from the drop down box.

9)Enter the information for your sale.

Enter your home sale in Sale of Home.

Sale of your main home

If the 1099-S was for the sale of your main home, it’s reported under Less Common Income in the Wages & Income section. Here's how to enter the form:

Open your return.
(To do this, sign in to TurboTax and select the blue Take me to my return button.)
Type “sale of home” in the Search box.
Select the “Jump to” link in the search results.
Follow the screens to enter the info from your 1099-S.

Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.