Real estate investment question

Forum|Forum|1 year ago
April 13, 2024
2 replies
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I need help in figuring out how to enter income received from a real estate investment. I entered into a contract with a home builder in which I up fronted capital to purchase land and build a new home. My only involvement was up fronting the money. The Land lot nor the construction loan was under my name. After 15 months when the project was completed and the home sold, the builder cut me a check for the money I upfronted and half of the profit made from the sale of the home. I did not receive any 1099 forms. How would I enter this income into turbotax. I consider it a long term capital gain investment due to the project having taken 15 months from day I entered into the contract and the date the new home was sold, but I cannot figure out how to enter into Turbotax as all applicable investment sections require a 1099-b or 1099-s. Any guidance provided will be appreciated.

Not A Product Question

MonikaK1

You can enter the sale of property or other investments not listed on a Form 1099-B or other information return in TurboTax as follows:

Go to the Investment income section and select Stocks,... Other
Select Add a sale or Add Investments
If using TurboTax Online, at the import screen, click the button "Enter a different way"
Select Other as the type of investment

TurboTax will provide entry fields for you to describe the investment, the date acquired and date sold, the proceeds, and the cost or other basis.

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joseph_ld

Employee

There is a section in TT where one can enter gains that didn't have 1099. It is in the 1099 section.