Entering a 1099-S from the sale of rental property

Forum|Forum|4 years ago
January 30, 2022
2 replies
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I got a 1099-S from the title company for the sale of a group of rental properties I sold this year. There is no place to enter the information like you would for a 1099-NEC or a 1099-MISC. The only place I see to enter the sale info is in the "Sale of Property/Depreciation" section for each property. Do I just need to make sure the total sale entered per property adds up to the total reported to me on the 1099-S? I was expecting to see a series of fields to fill in with the information on that form like you do for any other 1099 (the filer's TIN, their address, etc).

Best answer by MinhT1

Form 1099-S gives you information on the sale of your properties. In TurboTax, there is not a data entry screen which matches the boxes on form 1099-S, unlike form W-2 or 1099-NEC.

MinhT1

If the form 1099-S covers several properties, you can enter each sale separately, as long as the total sale price matches the sale price reported on form 1099-S.

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sarymaryAuthor

OK. But there is no place to enter the data from the 1099-S like you do with a 1099-MISC, correct? Like where it says enter amount from box 1 here, box 3 here, etc?

MinhT1Answer

Form 1099-S gives you information on the sale of your properties. In TurboTax, there is not a data entry screen which matches the boxes on form 1099-S, unlike form W-2 or 1099-NEC.

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carlhinkle1

I sold my second home. In step by step where do I enter 1099 S information?

RaifH

To enter a 1099S for the sale of a second home, you will want to select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) in the Federal > Wages and Income > Investment Income section of your tax return. You will then select Other under OK, let's start with one investment type. Under What type of investment did you sell? select Second Home. If this home was ever used for a rental or other business purposes, it would need to be reported in the Sale of Business Property section in the Federal > Wages and Income > Other Business Situations section of your return.

Second homes are not eligible for the exclusion of gain from a main home. If you realized a gain, it would be taxed at the long-term capital gain rate if you held it longer than a year. Losses on second homes are not deductible.

@carlhinkle1