Hi,
I flipped a house and made a small profit. The settlement company sent me a 1099-S for the sale price of the house. I reported it under Investments, but TT is using language as if it was a stock investment. Where is the correct place to report the sale price and costs associated with the renovation?
Thank you.
You are correct to report it on sch D as an investment. This is the same place as stocks and other investments.
You would have followed the steps in Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?
You want to view your Sch D to see if you have a carryover loss and verify the sale was reported correctly. You will see a gain or loss showing on your Form 1040, line 7.
To see your forms and locate Sch 😧
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