Sale of 3 Homes

Forum|Forum|3 years ago
April 6, 2023
2 replies
0 views

I bought and sold 3 homes in 2022. I received 1099-S for all 3. I am only allowed to enter 2 of them where would I enter the 3rd sale. I am using Premier.

Vanessa A

What type of homes were these? Your primary home? Secondary or investment properties?

If they are secondary or investment properties you would enter them by selecting the following:

Federal
Income
Show More next to Investment Income
Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Select Other
Continue through and select Second home or investment property for the type of investment
Answer how you obtained the home you sold
You will need to enter the selling price, dates and the cost basis of the home

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Barb37 11Author

I flip homes so they are not primary homes. I only hold them for about 6 months before selling them.

ee-ea

Employee

The IRS classifies individuals who actively purchase and remodel real estate for profit on a continuing basis as dealers rather than investors. For these people, the real estate is treated as inventory, rather than capital assets, and the profits on the sale of those properties is treated as ordinary income, subject to the self-employment tax.