If you have a 1099-S from the sale of real estate, please follow these steps: Go to Federal Taxes Select Wages & Income Click I'll choose what I work on Find the Investment income section Select Start next to Stocks, Mutual Funds, Bonds, Other On the Let Us Enter Your Investment Sale Info screen, select I'll Type it in Myself Select No financial Institution on the next screen Follow the on screen prompts Please note: A loss on the sale or exchange of personal use property, including a capital loss on the sale of your home used by you as your personal residence at the time of sale isn't deductible. Only losses associated with property (or a portion of property), used in a trade or business and investment property are deductible.

Question

Where in Turbotax Premier do I report a loss on a real estate transaction. I have a 1099S, but the program is not showing that as an option?

Forum|Forum|5 years ago
February 16, 2021
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M

MAK70

If you have a 1099-S from the sale of real estate, please follow these steps:

Go to Federal Taxes
Select Wages & Income
Click I'll choose what I work on
Find the Investment income section
Select Start next to Stocks, Mutual Funds, Bonds, Other
On the Let Us Enter Your Investment Sale Info screen, select I'll Type it in Myself
Select No financial Institution on the next screen
Follow the on screen prompts

Please note: A loss on the sale or exchange of personal use property, including a capital loss on the sale of your home used by you as your personal residence at the time of sale isn't deductible. Only losses associated with property (or a portion of property), used in a trade or business and investment property are deductible.